Press release
Investors who lost money with shares of Seritage Growth Properties (NYSE: SRG) should contact the Shareholders Foundation in connection with Lawsuit
A lawsuit was filed on behalf of investors in Seritage Growth Properties (NYSE: SRG) shares over alleged securities laws violation
Investors who purchased shares of Seritage Growth Properties (NYSE: SRG) have certain options and for certain investors are short and strict deadlines running. Deadline: August 30, 2024. NYSE: SRG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
New York based Prior to the adoption of the Company's Plan of Sale, Seritage was principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States. Seritage Growth Properties reported that its annual Total Revenue declined from $116.68 million in 2021 to $107.05 million in 2022, and that its Net Loss increased from $120.02 million in 2021 to $122.78 million in 2022.
On August 14, 2023, after the market closed, Seritage Growth Properties 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."
Then, on May 10, 2024, after the market closed, Seritage Growth Properties 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.
Shares of Seritage Growth Properties (NYSE: SRG) declined from $9.92 per share on July 12, 2023, to as low as $4.37 per share on June 26, 2024.
According to the complaint the plaintiff alleges on behalf of purchasers of Seritage Growth Properties (NYSE: SRG) common shares between July 7, 2022 and May 10, 2024, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 7, 2022 and May 10, 2024, the Defendants failed to disclose to investors that the Company lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate, that, as a result, the Company had overstated the value and projected gross proceeds of certain real estate assets, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Seritage Growth Properties (NYSE: SRG) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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