NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- Investor Notice - Attorney Advertising -- The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in proposed class action lawsuit filed in the United States District Court for the Northern District of Illinois against General Growth Properties, Inc. (NYSE:GGP) ("General Growth" or the "Company") and certain of General Growth's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all purchasers of common stock from April 30, 2008 through October 26, 2008 (the "Class Period").
General Growth, a Delaware corporation, is a self-administered and self-managed real estate investment trust. The Company was founded in 1986 and is based in Chicago, Illinois.
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 the company 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, the company 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.
If you are an employee or shareholder of the Company and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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