Steadfast Suspends Offerings, Announces Layoffs

Steadfast Apartment REIT III & Stira Alcentra Global Credit Fund

Are you concerned about your investment in a Steadfast Apartment REIT III? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.

According to reports today in the DI Wire, Stira Capital Markets Group, the capital markets division of Steadfast Capital Markets Group, has reportedly laid off multiple employees and is getting out of non-traded direct investments going forward.

Two Steadfast programs, Steadfast Apartment REIT III and Stira Alcentra Global Credit Fund have reportedly suspended their offerings.

According to SEC filings yesterday, Stira Alcentra Global Credit Fund, a closed-end fund (formerly known as Steadfast Alcentra Global Credit Fund), suspended its initial public offering and distribution reinvestment plan, effective immediately.

The Board said the decision is “due to the Board’s belief that market conditions are not conducive to continuing the offering.”

Update on 2/26/19 – Secondary Market Listing – Stira Alcentra Global Credit Fund

According to REIT Bid, a secondary market site for non-traded REIT sales, shares of Stir Alcentra Global Credit Fund were recently listed for $8.00 per share.

Investigation

The White Law Group is investigating potential claims involving the following Steadfast Capital Markets Group offerings:

Steadfast Apartment REIT III
Steadfast Apartment REIT
Steadfast Income REIT
Stira Alcentra Global Credit Fund

Prior to making recommendations to an individual investor, brokerage firms are required by the Financial Industry Regulatory Authority (FINRA) to disclose all the risks of an investment.
Recommendations should only be made if the investment is suitable for an individual investor given their age, investment objections, investment experience and risk tolerance.

Brokerage firms that do not perform adequate due diligence on an investment and/or make unsuitable recommendations can be held accountable for investment losses through FINRA arbitration.

High commissions are often a motivating factor for unscrupulous financial advisors to sell these types of investments regardless of whether the investment is in line with the client’s investment objectives and profile.  Moreover, the total commissions and expenses make it difficult for REITs to perform in line with the market.

Free Consultation with a Securities Attorney

If you invested in a Steadfast Apartment REIT III or another Steadfast offering and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on The White Law Group, please visit https://whitesecuritieslaw.com.