SAN DIEGO, July 10, 2024 (GLOBE NEWSWIRE) –
Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of individuals and entities who purchased or otherwise acquired Seritage Growth Properties (NYSE: SRG) securities between July 7, 2022 and May 10, 2024.
For more information, submit a form, email Attorney Aaron Dumas, Jr., or call us at (800) 350-6003.
The accusations: Robbins LLP investigates allegations that Seritage Growth Properties (SRG) misled investors about its business prospects
The plaintiff alleges that on August 14, 2023, after the market close, Seritage had a “material weakness” in the company’s internal control over financial reporting “due to a deficiency in the design of our control over the identification of impairment indicators for investments in real estate and the documentation of verification evidence.” In addition, the deficiency “related to the failure to timely identify potential impairment indicators related to development projects.” Following this news, Seritage’s stock price fell $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023.
The lawsuit further states that on May 10, 2024, Seritage released its first quarter 2024 financial results and announced that it was “adjusting its price forecasts for certain 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 stock price fell $2.54, or 27.3%, closing at $6.78 per share on May 13, 2024
According to the complaint, during the Class Period, defendants failed to disclose to investors (1) that the Company did not have effective internal controls over the identification and review of impairment indicators in real estate investments and (2) that, as a result, the Company overstated the value and projected gross proceeds of certain real estate assets.
What now: You may be eligible to participate in the Seritage Growth Properties class action lawsuit. Shareholders who wish to serve as lead plaintiff for the class action lawsuit must file their motions with the Court by August 30, 2024. A lead plaintiff is a representative party acting on behalf of other class members and directing the litigation. You do not have to participate in the case to be eligible to receive compensation. If you choose not to take action, you may remain an absent class member. For more information, click here Here.
Representation is on a contingency basis. Shareholders pay neither fees nor expenses.
About Robbins LLP: Some law firms issuing press releases on this matter do not litigate securities class actions; Robbins LLP does. As a recognized leader in shareholder litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures and hold corporate executives accountable for wrongdoing since 2002. Since our founding, we have recovered over $1 billion for shareholders.
To be notified when a class action lawsuit against Seritage Growth Properties is settled, or to receive free alerts when company executives commit misconduct, sign up for Stock monitoring Today.
Attorney advertising. Past results do not guarantee a similar outcome.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2e03771-96ab-48ca-919f-d7d8e4dd71de
