Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, July 02, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG) investors that a class action has been filed on behalf of investors. Seritage investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors who purchased shares between July 7, 2022 and May 10, 2024 are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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, or 9.67%, to close at $8.03 per share on August 15, 2023, on unusually heavy trading volume.
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, or 27.3%, to close at $6.78 per share on May 13, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; (2) that, as a result, the Company had overstated the value and projected gross proceeds of certain real estate assets; and (3) 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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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