NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into CBL & Associates Properties, Inc. (NYSE: CBL).
On March 16, 2016, a class action lawsuit was filed in federal court against the Company alleging a long-running fraudulent scheme to overcharge commercial tenants for electricity usage, violating federal and state RICO and other laws, and seeking treble damages under RICO and other relief. However, the Company failed to disclose the lawsuit to investors as it progressed over the next three years, even when the Court refused to throw out the case in April 2017, or in January 2017, when the Court certified the class and set an April 1, 2019 trial date. Not until March 1, 2019 did the Company disclose the lawsuit. Soon thereafter, on March 26, 2019, the Company shocked its shareholders with news that it had settled the recently-disclosed lawsuit for $90 million.
The Company has been exposed to significant financial losses as well as a recent securities class action lawsuit for failing to disclose material information to investors, violating federal securities laws, which is ongoing.
KSF’s investigation is focusing on whether CBL’s officers and/or directors breached their fiduciary duties to CBL’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CBL shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-cbl/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
