The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Seritage Growth Properties who purchased Securities between July 7, 2022 and May 10, 2024.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; (2) as a result, the Company had overstated the value and projected gross proceeds of certain real estate assets; and (3) 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until August 30, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
