CopyPastehas never been so tasty!

TNP Strategic Retail Trust Fires Auditor for Apparent Failur

by anonymous

  • 0
  • 0
  • 0

Last week, TNP Strategic Retail Trust’s Board fired the Company’s auditor, due to its apparent failure to report two important events to the Securities and Exchange Commission.


In a filing with the SEC, TNP SRT’s Board disclosed that, during the quarter ended June 2012, TNP SRT’s auditor identified “significant deficiencies” in the internal controls of TNP SRT’s financial reporting.  Those deficiencies were related to prepayments of acquisition fees and financing fees to the TNP SRT’s advisor prior to the closing of the transactions to which such fees related.  TNP SRT’s advisor is an entity ultimately controlled by Tony Thompson, who was also TNP SRT’s CEO.


In addition, on August 12, 2012, TNP SRT’s auditor notified TNP SRT that it would no longer be able to rely upon the representations of Tony Thompson, the Company’s CEO and Chairman of the Board.  It is unclear who at TNP SRT was notified of this important development.


“Reporting companies have a duty to disclose to their investors ‘reportable events,’ as the term is defined in the SEC rules and regulations,” said attorney Alan Rosca.  ”Reportable events are often material to an investor’s decision whether or not to buy or sell securities issued by the reporting company,” said Rosca.


Securities attorneys Alan Rosca, Joe Peiffer and Lance McCardle have been investigating several TNP-sponsored investments, including TNP Strategic Retail Trust, TNP 12% Notes, and TNP 2008 Participating Notes (“TNP”).  Attorneys Rosca and Peiffer are preparing to take action on behalf of TNP investors, against securities broker-dealer firms that may have failed in their duties to adequately vet the TNP products prior to recommending them to their customers.   TNP investors are encouraged to contact attorneys Alan Rosca, Joe Peiffer, or Lance McCardle for a free consultation at 888-998-0520.


Disclaimer: Our clients will not be responsible for the payment of litigation-related costs if they do not recover, whenever permitted by the applicable jurisdiction's rules. Some jurisdictions mandate that the client always pays the case expenses. This page may be deemed to be attorney advertising. We handle financial fraud cases in most states. However, our firm's lawyers are not admitted to practice law in every state. Attorney Joe Peiffer is licensed to practice law in Louisiana. Attorney Alan Rosca is licensed to practice law in Ohio. In those jurisdictions in which our firm's lawyers are not admitted to practice, we will associate co-counsel from the relevant jurisdiction to assist with the matter, at no additional cost to our clients. In cases where we associate with local co-counsel, we will typically act as primary counsel. Occasionally, it is possible that the co-counsel will take the leading role. Whenever that is the case, we will obtain the client's advance, written permission. Each case is different and prior successes are not indicative of future results. Although our lawyers have experience handling various types of cases, none has be certified as an expert or specialist in any area of the law by any accrediting or licensing authority or by any bar association. Please visit                          and go to Legal Disclaimer for important disclaimers.


The TNP Investor Center is a TNP SRT for investors. If you are searching for TNP strategic retail trust, then you have come to the right place.

Add A Comment: