Seritage Growth Properties

Registration Deadline:

08/30/2024

Submit Your Information

A securities class action has been filed in the USDC — S.D.N.Y. against Seritage Growth Properties (SRG) (“Seritage” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired Seritage securities between July 7, 2022 and May 10, 2024, both dates inclusive (the “Class Period”).

 

Seritage commenced operations in 2015 as a real estate investment trust which primarily held properties acquired from Sears Holdings Corporation. After formation, the Company was principally engaged in the ownership, development and leasing of retail and mixed-use properties throughout the United States.

 

The claim arises on May 10, 2024, after the market closed, when Seritage released its first quarter 2024 financial results.

 

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, thereby harming investors.

 

As a result, 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.

 

If you purchased Seritage securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

 

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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