LuxUrban Hotels, Inc. (NASDAQ: LUXH)

This lawsuit is for anyone who acquired securities in LuxUrban Hotels, Inc. (NASDAQ: LUXH) from November 8, 2023 through February 2, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors that the Company’s reported deal to acquire the Royalton Hotel in New York would not go through.

On January 17, 2024, Bleeker Street published a report alleging, among other things, that LuxUrban had not signed the lease for the Royalton Hotel in New York, as it had claimed. The report also alleged that there have been several lawsuits accusing LuxUrban of not paying rent and owing landlords large sums of unpaid rent. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then on February 2, 2024, a Friday after market hours, LuxUrban announced the “termination of discussions to add the Royalton Hotel to its roster of properties” and that it was “withdrawing its prior statements regarding the Royalton” including prior quarterly reports which listed the Royalton under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Property Summary—Properties under lease, not operating.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in LuxUrban Hotels, Inc. (NASDAQ: LUXH) from November 8, 2023 through February 2, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.