WILMINGTON, Del., June 02, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of CBL & Associates Properties, Inc. (NYSE:CBL)?
- Did you purchase your shares between August 8, 2013 and May 24, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Tennessee on behalf of all persons or entities that purchased the common stock of CBL & Associates Properties, Inc. (“CBL” or the “Company”) (NYSE:CBL) between August 8, 2013 and May 24, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of CBL during the Class Period, or purchased shares prior to the Class Period and still hold CBL, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/cbl-associates-properties-inc-cbl.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) certain of its employees may have provided material non-public information to Tennessee Senator Robert Corker (“Corker”); and (2) the Company failed to disclose to its shareholders that certain of its financing arrangements were obtained through fraud and/or misrepresentation. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 24, 2016, after the markets had closed, the Wall Street Journal reported that CBL is under investigation by both the Federal Bureau of Investigation (“FBI”) and the SEC for allegedly inflating the Company’s “rental income and occupancy rates for its properties when providing those figures to banks” when applying for financing arrangements, according to former CBL employees who have been questioned by the federal agencies. The article also claimed that “FBI and SEC officials have also separately asked questions about the relationship between the company and Mr. Corker, who is close with senior executives at the firm and has made millions of dollars in profits trading the company’s stock in recent years.”
On this news, shares of CBL dropped over 8%, closing at $9.40 per share on May 25, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 25, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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