NEW ORLEANS, Aug. 9, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG), if they purchased the Company’s securities between July 7, 2022 and May 10, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
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Seritage investors should visit us at https://claimsfiler.com/cases/nyse-srg/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Seritage and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 14, 2023, the Company disclosed a “material weakness” in its 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 documentation of evidence of review” related “to the failure to identify potential indicators of impairment related to development projects in a timely manner.” On this news, the price of Seritage’s shares fell $0.86, or 9.67%, to close at $8.03 per share on August 15, 2023, on unusually heavy trading volume.
Then, on May 10, 2024, the Company released its 1Q2024 financial results, disclosing that it was “adjusting [its] pricing projections for some of [its] assets” resulting in the gross value of the Company’s portfolio of assets being reduced by at least $325 million. On this news, the price of Seritage’s shares fell $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024, on unusually heavy trading volume.
The case is He v. Seritage Growth Properties, et al., 24-cv-05007.
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