Whitestone REIT (NYSE:WSR) ("Whitestone" or the "Company") is pleased to announce that on Friday, December 8, 2023, the District Court in Harris County, Texas dismissed all claims made by former Whitestone CEO, James C. Mastandrea, against the Company and members of the Board of Trustees and management related to the termination of his employment. The lawsuit was filed by Mr. Mastandrea following his removal from the Company by the Board of Trustees in January 2022 claiming breach of his employment contract, negligence, tortious interference with contract, and civil conspiracy. Mr. Mastandrea was seeking a maximum of $25 million in damages and equitable relief.

 

"We are pleased with the ruling of the Court, ending this lawsuit and fully dismissing the meritless claims made by Mr. Mastandrea," stated Whitestone CEO, Dave Holeman.  "The actions taken by Whitestone's Board in removing Mr. Mastandrea were appropriate, thorough and show its commitment to all shareholders." Mr. Holeman went on to say, "The ending of this litigation will unburden the Company from the significant legal defense costs it has incurred in 2022 and 2023 and positions us for a strong end to the year and 2024."