NEW YORK, May 22, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of Tennessee on behalf of all persons or entities that purchased CBL & Associates Properties, Inc. ("CBL" or the "Company") (NYSE: CBL) between November 8, 2017 and March 26, 2019, inclusive the "Class Period").
Investors who purchased the shares of CBL & Associates Properties, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of CBL & Associates Properties, Inc., you may, no later than July 16, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in CBL & Associates Properties, Inc.
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The filed complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- CBL was the target of a class action suit that could result in tens of millions or even hundreds of millions of dollars in liability;
- CBL, motivated by a desire to avoid bad publicity surrounding its dishonest nature and its dishonest conduct, completely ignored its disclosure obligations; and
- as a result, CBL's public statements were materially false and misleading at all relevant times.
On March 26, 2019, CBL publicly announced that they would set aside $90 million in order to settle a class action lawsuit alleging that it entered into tenant leases that stipulated it would charge for electricity at actual cost, and engaging in theft by marking up the electricity bills by large amounts and subsequently pocketing the difference.
Following this disclosure, CBL stock price declined more than 24%, from $1.82 per share on March 26, 2019 to a close of $1.37 per share on March 27, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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