According to the firm’s website: “Equity LifeStyle Properties, Inc. is a self-administered, self-managed real estate investment trust (REIT) headquartered in Chicago.” Also per ELS: “We marked 30 years as a public company in 2023” and “We have a unique business model where we own the land which we lease to customers who own manufactured homes and cottages, RVs and/or boats either on a long-term or short-term basis.” On 5.23.2024 a press release by the Rosen Law Firm was issued under the headline: “ROSEN, NATIONAL TRIAL LAWYERS, Encourages Equity LifeStyle Properties, Inc. Investors to Inquire About Securities Class Action Investigation – ELS.” According to the Rosen media release, ELS “may have issued materially misleading business information to the investing public.” Per the Rosen website, the firm has: “Over $400 million recovered for investors in the last 2 years.” The firm asserts that “Our mission is to protect shareholders rights.”
Part I of this report provides that media release, while Part II of this report includes additional information from ELS and other sources along with more MHProNews analysis and commentary.
Part I – According to the Rosen Law Firm Press Release
New York, New York–(Newsfile Corp. – May 23, 2024) – WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Equity LifeStyle Properties, Inc. (NYSE: ELS) resulting from allegations that Equity LifeStyle Properties may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Equity LifeStyle Properties securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=22421 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On January 22, 2024, after market hours, Equity LifeStyle Properties filed with the U.S. Securities and Exchange Commission (“SEC”) a current report on Form 8-K in which it announced that “[f]ollowing receipt of a further Comment Letter in which the Staff of the SEC informed the Company it disagreed with the materiality conclusion, the Company and the Audit Committee … determined that the error was material to its previously issued financial statements, as included in the Annual Report on Form 10-K for the year ended December 31, 2022 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (the ‘Prior Period Financial Statements’).” Equity LifeStyle Properties further stated that it “determined that the Prior Period Financial Statements, as well as, any reports, related earnings releases, investor presentations or similar communications of the Company’s Prior Period Financial Statements, should no longer be relied upon.”
On this news, Equity LifeStyle Properties’ stock fell $1.96 per share, or 2.84%, to close at $67.00 per share on January 23, 2024. The next day, it fell $1.45 per share, or 2.16%, to close at $65.55 per share on January 24, 2024.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210301##
Part II – Additional Information with More MHProNews Analysis and Commentary
Per the Rosen website: “The Rosen Law Firm, P.A. is dedicated to recovering damages for shareholders victimized by corporate fraud and other misconduct. Our attorneys have a wealth of knowledge and experience handling complex financial litigation and winning significant victories and settlements for our clients. By focusing exclusively on securities class actions and derivative litigation, we have risen to the forefront of plaintiffs’ firms and have recovered damages totaling hundreds of millions of dollars for our clients. Our mission is to protect shareholders rights.” Longtime and detail-minded MHProNews readers are aware of the issue of materiality detailed in the SEC document linked here.
1) MHProNews has previously reported on ELS’ statement on this specific issue where the firm admitted error, as was cited by Rosen Law firm in Part I above.
2) Copilot and the Shareholders Foundation have stated that others beyond Rosen have announced similar probes on behalf of shareholders related to this same materiality concern.
- Several law firms, including FeganScott, Kirby McInerney LLP, and Glancy Prongay & Murray LLP, have announced investigations into ELS for possible breaches of fiduciary duties. These investigations stem from ELS’s disclosure in an SEC filing that certain previously issued financial statements should no longer be relied upon due to an error related to the classification of cash outflows associated with the purchase of manufactured homes1234.
3) This issue is not directly related to the concerns by plaintiffs’ attorneys on behalf of manufactured home community residents against several Manufactured Housing Institute (MHI) members that include ELS owned Datacomp, ELS itself, and several other firms.
4) As will be noted in an upcoming report on multiple antitrust suits that have been announced against ELS, ELS owned Datacomp (sister brand to MHVillage and MHInsider), and multiple other MHI and MHI-linked state association affiliated firms, counsel for the defendants have mocked the claims, but the plaintiffs are persisting in their legal action.
5) ELS has faced several other cases over the years, one of which resulted in a major loss. More recently, beyond those cases and investigations already cited is the litigation noted below. Per LawEmpower: “The Equity LifeStyle Properties lawsuit in Florida is still in its early stages. The court has not yet ruled on the merits of the case.”
6) Per Copilot on 5.25.2024 using its purple or creative setting was the following.
Additionally, ELS reached settlement deals for three pending lawsuits involving three of its properties in California. The company estimated its total contribution to the settlements to be about $2.4 million, or 3 cents per share, net of contributions from its insurers2. These settlements were related to allegations of failing to properly maintain the properties and were considered by ELS to be in the best interest of the company and its stockholders2.
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Part III – Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report, so that investors can see at glance the type of topics may have influenced other investors. Thus, our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines.
The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.
Headlines from left-of-center CNN Business – 5.24.2024
- Trump’s ‘unified Reich’ video appears to trace origins to a Turkish graphic designer
- How Ace Hardware, America’s neighborhood hardware store for 100 years, is beating its big-box rivals
- Despite the robust labor market, there are warning signs in the US economy right now.
- What’s really happening in America’s economy (Trump and Biden spin aside)
- Travelers move through Hartsfield-Jackson Atlanta International Airport ahead of Memorial Day, Friday, May 24, 2024, in Atlanta.
- Inflation isn’t keeping Americans from having fun this Memorial Day weekend
- Google Search’s AI falsely said Obama is a Muslim. Now it’s turning off some results
- Customers take a look of the new iPhone 7 smartphone inside the Apple Inc. store in New York, U.S., September 16, 2016.
- Some iPhone users eligible for $349 in lawsuit settlement payout over audio issues
- Workers stock shelves at an Amazon Fresh grocery store in Seattle, Washington, US, on Thursday, May 2, 2024.
- Amazon is slashing prices on 4,000 grocery items, joining Target and Walmart
- Maybe you should stay home? 4 charts break down a busy Memorial Day weekend travel outlook
- Big Tech execs say Europe’s new AI law could harm innovation
- Get ready for a historic Memorial Day travel rush. Here’s what to expect for gas prices
- Wall Street is about to see its biggest trading change in years
- The dog who inspired Dogecoin has died
- Record number of 401(k) savers have balances over $1 million
- If Ticketmaster gets busted up by the feds, we’ll have Taylor Swift to thank
- Talking politics at work: If you must, tread respectfully
- Tesla is building a huge battery factory in Shanghai even as trade tensions rise
- The West is tapping Russian money to arm Ukraine. Much more could follow
- ‘It sucks for all of us.’ Charles Barkley says the quiet part aloud as TNT’s NBA future in doubt
- Retailers use police-like investigation centers to fight theft. Shoppers pay the price
- Attorney General looking into attempted foreclosure of Elvis Presley’s Graceland home
- Elon Musk says AI will take all our jobs
- In fiery exchanges, lawmakers and university heads clashed over responses to campus antisemitism
- Dow falls more than 600 points, notching worst day of the year
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Headlines from right-of-center Newsmax – 5.24.2024
- Trump to Announce Running Mate ‘During the Convention’
- Former President Donald Trump this week named several possible picks for his running mate in the 2024 presidential election, which he said he would reveal “sometime during the convention” in July. [Full Story]
- Israel at War
- Only 906 Aid Truckloads Reached Gaza Since Rafah Move: UN
- Top UN Court Orders Israel to Halt Rafah Operation
- Fmr Israel Adviser: WH Playing ‘Both Sides’ in War | video
- IDF Recovers Bodies of 3 More Hostages in Gaza
- Iranian Supreme Leader Renews Pledge to ‘Eliminate’ Israel
- Mike Johnson: Schumer Agrees to Netanyahu Joint Speech
- World Bank: Risk of Palestinian Authority’s Fiscal Fall
- Yellen Fears Israel’s Threats to Cut Off Palestine Banks
- Germany Says It Will Execute ICC Warrant on Netanyahu | video
- Israel Ready to Resume Talks to Return Terrorist-Held Hostages
- More Israel at War
- Newsmax TV
- Col. Lorraine: Memorial Day About Reflection
- Ben Carson: Bronx Turnout for Trump Not Surprising | video
- Scaramucci: Pushing for Biden Over Former Boss Trump | video
- Col. Jim Lorraine: Memorial Day About Reflection | video
- Marshall: Rejected Bill ‘Did Not Secure Border’ | video
- Ex-Israel Adviser: WH Plays ‘Both Sides’ in War | video
- Biggs: Border Vote a Prop | video
- Newsfront
- Biden Plans ‘Low-Key’ Response During Hunter Trial
- While President Joe Biden and his top advisers will be laser-focused on Hunter Biden’s felony gun charges trial starting June 3 in Delaware, they also plan to be “deliberately low-key,” NBC News reported Friday…. [Full Story]
- Blackburn Presses Mayorkas on Nashville Assault Suspect
- Marsha Blackburn and other members of Tennessee’s Republican [Full Story]
- Priest Accused of Biting Woman in Communion Fracas
- A Catholic priest in Florida allegedly bit a woman on the hand after [Full Story]
- Google AI Advises Glue on Pizza, Tobacco for Teens
- Google’s AI-generated search results are already being slammed as a [Full Story]
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- Watch Lee Greenwood’s Concert This Weekend on Newsmax
- Throughout his life, Lee Greenwood has been honoring “the men who [Full Story] | video
- D. Gov. Burgum Endorses Lake in Ariz. Senate Race
- North Dakota Gov. Doug Burgum endorsed Kari Lake in the Arizona [Full Story]
- Memorial Day Travelers Will Pay More at Pump
- If you are planning on taking a road trip to celebrate the unofficial [Full Story] | Platinum Article
- Putin Seeks Ukraine Cease-Fire on Front-Lines: Sources
- Russian President Vladimir Putin is ready to halt the war in Ukraine [Full Story]
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- Making a bold trek into deep-blue New York City and State, [Full Story] | video
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- RFK Jr. Filing FEC Complaint Over Potential Debate Block
- As Election Nears, Biden Pushes New Slew of Green Regs
- NY Gov. Hochul Calls Trump Supporters ‘Clowns’
- New York Gov. Kathy Hochul insulted supporters of former President [Full Story]
- Scientists Solve Mystery of Urban Cockroach Origin
- A team of international scientists have solved a 250-year-old mystery [Full Story]
- Gutter Guards for One-story House: How Much Would It Cost?
- LeafFilter Partner
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- Former President Donald Trump said Peter Navarro, his former White [Full Story]
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- Compressa
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- Live Nation and its Ticketmaster unit have been hit with the first in [Full Story]
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- Kansas City Chiefs tight end Travis Kelce said he doesn’t agree with [Full Story]
- A new study released this week found that practicing yoga can improve
- Crandall: Improve Heart Health With Prayer
- A new study released this week found that practicing yoga can improve [Full Story]
- China AI Chatbot Trained on President Xi’s Ideology
- China’s latest artificial intelligence chatbot is trained on [Full Story]
- US Missionary Couple Killed in Haiti Gang Attack
- Two U.S. Christian missionaries killed in a brutal armed gang attack [Full Story]
- Paul McCartney Roasts Bruce Springsteen
- AsBruce Springsteen became the first international artist to [Full Story]
- ‘Super Size Me’ Filmmaker Morgan Spurlock Dies at 53
- Documentary filmmaker Morgan Spurlock, an Oscar nominee whose most [Full Story]
- Red States Support Exxon in Shareholder Activism Row
- Officials from 19 Republican U.S. states urged major money managers [Full Story]
- Trump to Announce VP Pick ‘During the Convention’
- Former President Donald Trump this week named several possible picks [Full Story]
- Waymo Self-driving Probe Finds More Collisions
- The National Highway Traffic Safety Administration said Friday it has [Full Story]
- Pew: 40 Percent Say College Degree Not Key to Good Job
- Forty percent of Americans say having a four-year degree is not that [Full Story]
- Mexico Reducing Border Crossings Into US
- A major crackdown by Mexican officials has helped reduce illegal [Full Story]
- De Niro Attack Ad: Trump ‘Snapped’ After 2020 Loss
- Actor Robert De Niro, one of former President Donald Trump’s most [Full Story]
- Elon Musk’s Posts Against Biden Growing on X
- Elon Musk’s posts criticizing President Joe Biden on X are growing as [Full Story]
- Polish PM: Poland, Greece Pushing for EU Air Defense
- Polish and Greek prime ministers submitted a letter to the European [Full Story]
- Biden Admin Fears North Korea ‘October Surprise’
- Biden administration officials are increasingly concerned North Korea [Full Story]
- Fani Willis Appeals Dismissal of Charges Against Trump
- Fulton County District Attorney Fani Willis is appealing a judge’s [Full Story]
- Big Banks Summon Staff Back to the Office
- Citigroup, HSBC Holdings and Barclays are ordering more staffers to [Full Story]
- More Newsfront
- Finance
- ‘Sticker Shock’ for Memorial Day Travelers This Year
- Widespread flight delays across the U.S. tested the patience of travelers who tried to get a jump start on Memorial Day weekend, but the relatively few canceled flights raised hopes that airlines would be able to handle the bigger crowds expected Friday…. [Full Story]
- US: Chinese Businessman Cheated Thousands of $1B
- Memo: FDIC Sat on New Misconduct Allegations
- Tell Every Veteran, Active Service Member They’re Heroes
- US-Led Partnership to Help 80% of Africa Get Internet
- More Finance
- Health
- Science Pinpoints Nutrients Crucial to Brain Health
- Specific nutrients could play a pivotal role in the healthy aging of your brain, a new study finds. What’s more, those nutrients correlate closely with those found in the Mediterranean diet, an eating pattern already associated with healthy brain aging, researchers… [Full Story]
- Colon Cancers Up in Under 50s: Know the Warning Signs
- 7 Tips to Stay Safe This Memorial Day Weekend
- What to Know About the New FLiRT COVID Variants
- AI Helps Spot Breast Cancer’s Spread Without Biopsy
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2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.
====================================
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
- Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
- Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
- Note 3:
APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities, KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.
