NEW ORLEANS, Aug. 23, 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.
Get Help
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.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
To learn more about ClaimsFiler, visit www.claimsfiler.com.
SOURCE ClaimsFiler
