Investors can Contact the law firm free of charge to learn more about recovering their losses
LOS ANGELES, July 9, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors of Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG) that a class action lawsuit has been filed on behalf of the investors. Seritage investors who lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors who buy shares between 7 July 2022 and 10 May 2024 are encouraged to contact Attorney Lesley F. Portnoy by phone at 310-692-8883 or by email at [email protected] to discuss their legal rights or click here to join the case through www.portnoylaw.com. The Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 14, 2023, after the market close, Seritage announced that there was a “material weakness” in the Company’s internal control over financial reporting “due to a deficiency in the design of our control over identifying impairment indicators for investments in real estate and documenting verification evidence.” In addition, the deficiency related “to the failure to identify potential impairment indicators related to development projects in a timely manner.” Following this news, Seritage’s share price fell $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023, amid unusually high trading volume.
Then, on May 10, 2024, after the market closed, Seritage released its financial results for the first quarter of 2024 and announced that it was “adjusting its price forecasts for some of its assets.” As a result, the gross value of the company’s asset portfolio was reduced by at least $325 million. Following this news, Seritage’s share price fell $2.54, or 27.3%, closing at $6.78 per share on May 13, 2024, amid unusually high trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal controls over the identification and review of impairment indicators for real estate investments; (2) that, as a result, the Company overstated the value and projected gross proceeds of certain real estate assets; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
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The Portnoy Law Firm represents investors in claims arising from corporate malpractice. The firm’s founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Past results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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