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Seritage Growth Properties Class Action Lawsuit - SRG

38 days left to seek lead plaintiff status

Case Summary

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The Seritage Growth class action lawsuit seeks to represent purchasers or acquirers of Seritage Growth Properties (NYSE: SRG) securities between July 7, 2022 and May 10, 2024, inclusive (the “Class Period”).  Captioned Zhengxu He, Trustee of the He & Fang 2005 Revocable Living Trust v. Seritage Growth Properties, No. 24-cv-05007 (S.D.N.Y.), the Seritage Growth class action lawsuit charges Seritage Growth and certain of Seritage Growth’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Seritage Growth class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the Seritage Growth class action lawsuit must be filed with the court no later than August 30, 2024.

CASE ALLEGATIONS: Seritage Growth is a real estate investment trust that is principally engaged in the ownership, development, and leasing of retail and mixed-used properties throughout the United States.

The Seritage Growth class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Seritage Growth lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; and (ii) as a result, Seritage Growth had overstated the value and projected gross proceeds of certain real estate assets.

The Seritage Growth class action lawsuit further alleges that on August 14, 2023, Seritage Growth revealed that there was a “material weakness” in Seritage Growth’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.”  On this news, the price of Seritage Growth stock fell nearly 10%, according to the complaint.

Then, on May 10, 2024, the Seritage Growth class action lawsuit further alleges that Seritage Growth released its first quarter 2024 financial results, revealing it was “adjusting [its] pricing projections for some of [its] assets,” and as a result, the gross value of Seritage Growth’s portfolio of assets was reduced by at least $325 million.  On this news, the price of Seritage Growth stock fell more than 27%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Seritage Growth securities during the Class Period to seek appointment as lead plaintiff in the Seritage Growth class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Seritage Growth class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Seritage Growth class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Seritage Growth class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases.  Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors.  We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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