Market Newsdesk

LOS ANGELES, Dec. 22, 2020 (GLOBE NEWSWIRE) — Kay Properties is proud to announce the successful completion of a family’s 36-million-dollar 1031 exchange diversified into 15 Delaware Statutory Trusts. 

Chay Lapin commented, “At Kay Properties we have specialized in providing a far higher level of DST investing services than found at typical providers of DSTs. We specialize in DST investments thereby allowing us to provide full-service resources for our clients as they are going through their 1031 exchange situation and consideration of DST properties. As always, working with our many high-net-worth investors, there are a lot of moving parts. Kay Properties has a full team behind our clients that provides them with much needed resources for their 1031 exchanges into DSTs such as our 1031 investor marketplace at www.kpi1031.com, 1031 DST educational process, DST property due diligence, mystery shopping each DST property, transaction coordination and our Kay internal investor relations team.”

Kay Properties and Investment’s Senior Vice President Chay Lapin and Vice President Steve Haskell spearheaded the 1031 exchange. They guided the transfer of equity from a multifamily apartment building portfolio in California that the family had owned for many years to a diversified portfolio of 15 DSTs with over 19 properties in 10 states. The replacement property DST portfolio consisted of a variety of industrial, self-storage, medical, net lease and multifamily assets. Kay Properties and Investments coordinated with eight different Delaware Statutory Trust sponsors to swiftly execute the exchange prior to the closing of the client’s 45-day window.

Steve Haskell stated, “We are appreciative of the many DST sponsors we worked closely with on this exchange. At Kay Properties the platform we provide via the kpi1031.com marketplace is a welcome relief to investors that previously had only worked with one stockbroker who really has little to no experience selling securitized real estate via a 1031 exchange — which unfortunately is how many DST investors end up over-allocating their 1031 dollars into the wrong DST offerings, at the wrong leverage amounts and in the wrong asset classes when compared to their goals and objectives. Education is of utmost importance in the DST 1031 industry, and unfortunately many participants that sell these types of offerings are themselves not educated as to how DST investments work and, as a result, the clients are the ones that can suffer greatly. We have seen it over and over and have many clients we have inherited that told us they wish they had known about Kay Properties and the www.kpi1031.com marketplace on their previous exchanges. This was an example of a family of clients that were able to fully educate themselves on the DST 1031 investment process while working with our entire Kay team.”

Dwight Kay, Founder and CEO of Kay Properties, concluded, “Another satisfied customer added to the list of thousands nationwide who have utilized Kay Properties and the www.kpi1031.com marketplace for their 1031 exchange and cash investments. We are thankful to the Lord for all of His blessings over the years, thankful to our many DST sponsor company partners who we work closely with and thankful to the thousands of Kay Properties clients nationwide.”

About Kay Properties and 


www.kpi1031.com

 
  
Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the marketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor companies, full due diligence and vetting on each DST (typically 20-40 DSTs) and a DST secondary market. Kay Properties team members collectively have over 115 years of real estate experience, are licensed in all 50 states, and have participated in over $15 billion of DST 1031 investments.   
  
This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior to investing.  IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. There are material risks associated with investing in real estate securities including illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appreciation are not guaranteed. Securities offered through Growth Capital Services, member FINRA, SIPC, Office of Supervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104.

Media contacts for more information:

Cary Brazeman, 310-205-3590, [email protected]
Victoria Ozols, 310-205-3590, [email protected]

NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Covia Holdings Corporation (Other OTC: CVIAQ), Semiconductor Manufacturing International Corporation (“SMIC”) (Other OTC: SMICY), Kandi Technologies Group, Inc. (NASDAQ: KNDI), and Qiwi plc (NASDAQ: QIWI). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Covia Holdings Corporation (Other OTC: CVIAQ)

Class Period: March 15, 2016 to June 29, 2020

Lead Plaintiff Deadline: February 8, 2021

On March 22, 2019, the Company filed a Form 10-K for the fiscal year ended December 31, 2018 (the “2018 10-K”) with the SEC, which provided the Company’s fiscal year 2018 financial results and position. In the 2018 10-K, the Company revealed that it had received a subpoena from the SEC investigating certain value-added proppants.

On this news, the Company’s share prices dropped by $0.45, or approximately 6.9%, from closing at $6.50 on March 22, 2019 to close at $6.05 on March 25, 2019, the next trading day.

On November 6, 2019, the Company filed a Form 10-Q for the quarterly period ended September 30, 2019 (the “3Q19 10-Q”) with the SEC, which provided the Company’s third quarter financial results and position. In the 3Q19 10-Q, the Company revealed that, in addition to the March 18, 2019 SEC subpoena, additional information was requested and subpoenaed regarding current and former employees.

On this news, the Company’s share prices dropped by $0.07, or approximately 4.3%, from opening at $1.63 on November 6, 2019 to close at $1.56.

On June 29, 2020, the Company announced that it had entered into a comprehensive restructuring agreement with lenders and voluntarily filed petitions under Chapter 11 of the United States Bankruptcy Code to implement the agreement.

On June 30, 2020, the NYSE delisted the Company, stating in part, “the Company is no longer suitable for listing [. . .] after the Company’s June 29, 2020 disclosure that the Company filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code[.]”

On this news, the Company’s share prices fell $0.18, or 37.5%, from closing at $0.48 on June 29, 2020, suspending trading June 30, 2020, and resuming trading OTC on July 1, 2020 at $0.30.

The complaint, filed on December 10, 2020, alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s proprietary ‘value-added’ proppants were not necessarily more effective than ordinary sand; (2) the Company’s revenues, which were dependent on its proprietary ‘value-added’ proppants, was based on misrepresentations; (3) when Company insiders raised this issue, the defendants did not take meaningful steps to rectify the issue; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

For more information on the Covia class action go to: https://bespc.com/cases/CVIAQ

Semiconductor Manufacturing International Corporation (“SMIC”) (Other OTC: SMICY)

Class Period: April 23, 2020 to September 26, 2020

Lead Plaintiff Deadline: February 8, 2021

SMIC purports to be an investment holding company principally engaged in the computer-aided design, manufacture, testing, packaging and trading of integrated circuits (“IC”), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks and various types of wafers. The Company distributes its products in China and to overseas markets, such as the Europe and the United States.

On September 4, 2020, Reuters published an article entitled “EXCLUSIVE-Trump administration weighs blacklisting China’s chipmaker SMIC”.

On this news, SMIC’s ADR price fell $3.08 per ADR, or over 20%, to close at $12.02 per ADR on September 8, 2020, the next trading day.

On September 26, 2020, Reuters published an article entitled “U.S. tightens exports to China’s chipmaker SMIC, citing risk of military use”.

On this news, SMIC’s ADR price fell $0.57 per ADR, or 4.7%, to close at $11.47 per ADR on September 28, 2020, the next trading day.

The complaint, filed on December 10, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing U.S. restrictions; (3) as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses; and (4) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the SMIC class action go to: https://bespc.com/cases/SMICY

Kandi Technologies Group, Inc. (NASDAQ: KNDI)

Class Period: March 15, 2019 to November 27, 2020

Lead Plaintiff Deadline: February 9, 2021

On November 30, 2020, Hindenburg Research (“Hindenburg”) published a report entitled “Kandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab $160 Million From U.S. Investors”. Citing “extensive on-the-ground inspection at Kandi’s factories and customer locations in China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records”, the Hindenburg report asserted that almost 64% of Kandi’s sales over the year have been to undisclosed related parties. The report also alleged that “[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]”

Following the publication of the Hindenburg report, Kandi’s stock price fell $3.86 per share, or 28.34%, to close at $9.76 per share on November 30, 2020.

The complaint, filed on December 11, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi; (ii) the majority of Kandi’s sales in the past year had been to undisclosed related parties and/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi’s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Kandi class action go to: https://bespc.com/cases/KNDI

Qiwi Plc (NASDAQ: QIWI)

Class Period: March 28, 2019 to December 9, 2020

Lead Plaintiff Deadline: February 9, 2021

Qiwi together with its subsidiaries, purports to operate electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.

On December 9, 2020, after the market closed, Qiwi filed a Form 6-K with the SEC, announcing that the Central Bank of Russia had imposed a fine of approximately $150,000 for deficient record-keeping and reporting, and suspended the Company’s conduct most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.

On this news, Qiwi’s ADS price fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020.

The complaint, filed on December 11, 2020, alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Qiwi’s internal controls related to reporting and record-keeping were ineffective; (2) consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company’s ability to make payments to foreign merchants and transfer money to pre-paid cards; and (3) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

For more information on the Qiwi class action go to: https://bespc.com/cases/QIWI

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

Gig Harbor, Washington , Dec. 22, 2020 (GLOBE NEWSWIRE) — Harbor Custom Development, Inc. (“Harbor,” “Harbor Custom Homes®,” or the “Company”), (NASDAQ:HCDI), an innovative and market leading real estate company involved in all aspects of the land development cycle, today announced that it has closed on the phase 5 sale of 38 residential lots at Soundview Estates in Bremerton, Washington to Lennar Northwest, Inc., a subsidiary of the Lennar Corporation (“Lennar”), for $4,750,000, and has contracted to sell Lennar an additional 50 lots in Phase 6.

Harbor has now announced the completion of infrastructure improvements on 190 lots at Soundview Estates, of which 165 were purchased by Lennar for single family home construction. Lennar had previously closed on phases 1, 2, and 3 totaling 127 lots during the last 12 months.

Soundview Estates is a 240-lot subdivision offering spectacular views of the Olympic Mountains, Mt. Rainier, the Seattle Skyline, and Puget Sound. Soundview Estates is less than a ten-minute drive to the Seattle Ferry and the Kitsap Naval Shipyard.

Soundview Estates can be seen at:  https://vimeo.com/453127877.

“We are excited to complete this transaction with Lennar and look forward to delivering them 50 additional lots in phase 6 during the first quarter of 2021. Lennar has done a tremendous job at Soundview Estates and we anticipate they will continue to build fine quality single family homes that capture the beauty of this unique setting,” stated Sterling Griffin, President and CEO of Harbor.

About Lennar Corporation

Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Len^X drives Lennar’s technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

About Harbor Custom Development, Inc.

Harbor Custom Development, Inc. is a real estate development company involved in all aspects of the land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region.  Harbor has active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn in the state of Washington.  Harbor Custom Development’s business strategy is to acquire and develop land strategically, based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces.  Harbor focuses on real estate within target markets with convenient access to metropolitan areas that are generally characterized by diverse economic and employment bases and increasing populations.  For more information on Harbor Custom Development, Inc., please visit www.harborcustomdev.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws.  Words such as “may,” “might,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements.  These forward-looking statements are based upon current estimates and assumptions.  While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.  These forward-looking statements are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission.  Thus, actual results could be materially different.  The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations
Hanover International
[email protected]
866-744-0974