NEW YORK, NY / ACCESSWIRE / February 5, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Equity LifeStyle Properties, Inc. ("ELS" or the "Company") (NYSE:ELS). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether ELS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 22, 2024, ELS disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that after initially concluding that an error in certain of the Company's previously issued financial statements, "which relates solely to the classification of cash outflows associated with the purchase of manufactured homes in the Consolidated Statements of Cash Flows," was immaterial, ELS's Audit Committee subsequently determined that the error was, in fact, material to the financial statements at issue. Accordingly, ELS advised investors that its annual report for 2022 and its quarterly report for the first quarter of 2023 should no longer be relied upon.
On this news, ELS's stock price fell $1.96 per share, or 2.84%, to close at $67.00 per share on January 23, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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