NEW YORK, Nov. 4, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising -- Notice is hereby given that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of General Growth Properties, Inc. ("General Growth") (NYSE:GGP) common stock during the period between April 30, 2008 and October 26, 2008 (the "Class Period").
The complaint charges General Growth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. General Growth is a self-administered and self-managed real estate investment trust.
The complaint alleges that during the Class Period, defendants made false and misleading statements about General Growth's access to financing. Specifically, defendants represented that General Growth had the ability to refinance billions of dollars in debt that was coming due in the fall of 2008 and spring of 2009 on acceptable terms. In fact, General Growth did not have access to such financing. Further, defendants failed to disclose that the Company's President/Chief Operating Officer and its Chief Financial Officer had received loans from the Chief Executive Officer's family trust in violation of the Company's own Code of Business Conduct and Ethics.
On September 22, 2008, the Company announced that it was pursuing a comprehensive evaluation of its financial and strategic alternatives. On October 3, 2008, the Company suspended its dividend and then, on October 27, 2008, announced it was marketing for sale its portfolio of retail properties in Las Vegas. On this series of disclosures, General Growth's stock price collapsed, falling from $21.42 on September 19, 2008 to less than $2.00 per share on October 27, 2008, or nearly 95% from its Class Period high of $43.83 per share. In order to be appointed lead plaintiff in the securities case, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2009. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Los Angeles.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
Stull, Stull & Brody also has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought General Growth stock through your General Growth retirement account and have information or would like to learn more about these claims, please contact us.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.