NEW YORK, NY / ACCESSWIRE / August 30, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Seritage Growth Properties ("Seritage" or the "Company") (NYSE:SRG). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Seritage and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until August 30, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Seritage securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On August 14, 2023, after the market closed, Seritage revealed that there was 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 documentation of evidence of review." Moreover, the deficiency related "to the failure to identify potential indicators of impairment related to development projects in a timely manner."
On this news, Seritage's stock price fell $0.86 per share, or 9.67%, to close at $8.03 per share on August 15, 2023.
Then, on May 10, 2024, after the market closed, Seritage released its first quarter 2024 financial results, revealing it was "adjusting [its] pricing projections for some of [its] assets." As a result, the gross value of the Company's portfolio of assets was reduced by at least $325 million.
On this news, Seritage's stock price fell $2.54 per share, or 27.3%, to close at $6.78 per share on May 13, 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.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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