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Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) shares traded higher Friday after the company announced that the United States Court of Appeals for the Fourth Circuit affirmed a 2023 order dismissing a putative class action complaint filed against the company and Cedar by purported holders of Cedar's preferred stock.

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The Details:

Wheeler and Cedar issued a statement that the case entitled Kim, et al., v. Cedar Realty Trust, Inc., et al., filed by purported holders of Cedar's preferred stock against Cedar, Wheeler and Cedar's former board of directors was dismissed on Sept. 4, 2024.

"We are pleased that the Fourth Circuit upheld the District Court's decision, which represents a very positive outcome for both Wheeler and Cedar. With this matter behind us, both companies remain well-positioned to execute on their strategic plans," said M. Andrew Franklin, CEO of both Cedar and Wheeler.

The stock gained more than 300% on Thursday.

According to data from Benzinga Pro, more than 20 million shares have already been traded in Friday’s session and the stock has a float of less than 1 million shares.

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How To Buy WHLR Stock:

By now you’re likely curious about how to participate in the market for Wheeler Real Estate – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,’ which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.