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Shares of Arbor Realty Trust Inc. (NYSE:ABR) are moving lower on Friday following reports that the company is being investigated by federal prosecutors and the Federal Bureau of Investigation (FBI) in New York. This investigation comes after allegations by short sellers regarding the lender’s practices and disclosures.
What To Know: Federal investigators are examining Arbor Realty’s lending practices and the company’s claims about the performance of its loan book. Short seller Viceroy Research has alleged that Arbor’s loans are distressed and that the value of the firm’s loan portfolio has been overstated. These allegations have put significant pressure on the company’s stock.
In response to the investigation, Arbor Realty stated, “We routinely cooperate with regulatory inquiries and are very confident that we conduct ourselves properly. We look forward to our second-quarter earnings call.”
What Else: Arbor Realty Trust is also scheduled to release its second-quarter earnings on July 26th. The estimated EPS is 440 cents and the estimated revenue is $89.99 million.
Price Action: Arbor Realty shares were down by 19.1% at $12.39 according to Benzinga Pro.
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Posted In: ABR
