NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG), if they purchased the Company’s securities between July 7, 2022 and May 10, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of Seritage and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-srg/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by August 30, 2024.
About the Lawsuit
Seritage and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 14, 2023, the Company disclosed a “material weakness” in its 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” related “to the failure to identify potential indicators of impairment related to development projects in a timely manner.” On this news, the price of Seritage’s shares 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, the Company released its 1Q2024 financial results, disclosing that it was “adjusting [its] pricing projections for some of [its] assets” resulting in the gross value of the Company’s portfolio of assets being reduced by at least $325 million. On this news, the price of Seritage’s shares fell $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024, on unusually heavy trading volume.
The case is He v. Seritage Growth Properties, et al., No. 24-cv-05007.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
