Core Viewpoint - A class action securities lawsuit has been filed against Seritage Growth Properties, alleging false statements and concealment of information regarding the company's internal controls and asset valuations [1][2]. Group 1: Lawsuit Details - The complaint claims that Seritage lacked effective internal controls for identifying and reviewing impairment indicators for real estate investments [2]. - It is alleged that the company overstated the value and projected gross proceeds of certain real estate assets [2]. - The lawsuit asserts that the positive statements made by the defendants about the company's business and prospects were materially misleading [2]. Group 2: Class Definition and Participation - The lawsuit seeks to recover losses for Seritage investors affected by the alleged securities fraud between July 7, 2022, and May 10, 2024 [3]. - Investors who suffered losses during this period have until August 30, 2024, to request to be appointed as lead plaintiff, although participation in recovery does not require this role [4]. Group 3: Legal Representation - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [5]. - The firm is recognized as one of the top securities litigation firms in the United States, ranking in ISS Securities Class Action Services' Top 50 Report for seven consecutive years [5].

Core Viewpoint - Robbins LLP is investigating allegations that Seritage Growth Properties misled investors regarding its business prospects, particularly concerning internal controls and asset valuations [2]. Group 1: Allegations and Financial Impact - A class action was filed on behalf of investors who acquired Seritage Growth Properties securities between July 7, 2022, and May 10, 2024 [1]. - On August 14, 2023, Seritage disclosed a "material weakness" in its internal control over financial reporting, leading to a stock price drop of $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023 [2]. - On May 10, 2024, Seritage adjusted its pricing projections, resulting in a gross asset value reduction of at least $325 million, causing a stock price decline of $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024 [2]. Group 2: Class Action Participation - Shareholders interested in serving as lead plaintiffs must file motions by August 30, 2024, but participation is not required to be eligible for recovery [3]. - The law firm Robbins LLP operates on a contingency fee basis, meaning shareholders incur no fees or expenses [4].

NEW ORLEANS, July 09, 2024 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, 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 S ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Seritage Growth Properties (NYSE: SRG) regarding a class action lawsuit due to allegations of misleading statements and lack of effective internal controls related to real estate investments [1][3]. Group 1: Allegations - The complaint alleges that during the class period, the company lacked effective internal controls for identifying and reviewing impairment indicators for real estate investments [3]. - As a result of these deficiencies, the company overstated the value and projected gross proceeds of certain real estate assets [3]. - Consequently, the defendants' positive statements about the company's business, operations, and prospects were materially misleading and lacked a reasonable basis [3]. Group 2: Class Action Details - The class period for the lawsuit is defined as July 7, 2022, to May 10, 2024 [6]. - Shareholders are encouraged to register for the class action by the deadline of August 30, 2024, to potentially be appointed as lead plaintiffs [4]. - There is no cost or obligation for shareholders to participate in the case, and they will receive status updates through portfolio monitoring software once registered [4]. Group 3: Law Firm Information - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered from deceit, fraud, and illegal business practices [5]. - The firm aims to ensure that companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements that led to artificial inflation of stock prices [5].

BENSALEM, Pa., July 08, 2024 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming August 30, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Seritage Growth Properties ("Seritage" or the "Company") (NYSE: SRG) securities between July 7, 2022 and May 10, 2024, inclusive (the "Class Period"). On August 14, 2023, after the market closed, Seritage revealed that there was a "material weakness" in the Company's internal control o ...

NEW YORK, July 8, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Seritage Growth Properties ("Seritage" or the "Company") (NYSE: SRG) of a class action securities lawsuit. NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate. CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 17th Floor New York, NY 10004 [email protected] Tel: ...

Core Viewpoint - Seritage Growth Properties disclosed a "material weakness" in its internal control over financial reporting, specifically regarding the identification of impairment indicators for real estate investments, leading to significant adjustments in asset valuations [1][10]. Financial Performance - On May 10, 2024, Seritage announced a reduction in the gross value of its asset portfolio by at least $325 million due to adjusted pricing projections [5]. - Following the announcement of the material weakness, Seritage's stock price fell by $2.54, or 27.3%, closing at $6.78 per share on May 13, 2024 [2]. - The stock also experienced a decline of $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023, after the initial disclosure of the internal control issues [9]. Legal Actions - A class action lawsuit has been filed against Seritage in the United States District Court of the Southern District of New York, representing all individuals and entities who purchased Seritage securities between July 7, 2022, and May 10, 2024 [8]. - Investors have until August 30, 2024, to apply to be appointed as lead plaintiff in the lawsuit [8]. Allegations - The class action complaint alleges that Seritage made materially false and misleading statements and failed to disclose adverse facts about its business operations and prospects, including ineffective internal controls and overstated asset values [10].

On August 14, 2023, after the market closed, Seritage revealed that there was a "material weakness" in the Company'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." Moreover, the deficiency related "to the failure to identify potential indicators of impairment related to development projects in a timely manner." On this news, Seritage's stock p ...

Core Viewpoint - A class action lawsuit has been filed against Seritage Growth Properties, alleging that the company misled investors regarding its internal controls and the valuation of its real estate assets [1][5]. Group 1: Allegations and Financial Impact - The plaintiff claims that Seritage disclosed a "material weakness" in its internal control over financial reporting on August 14, 2023, which led to a stock price drop of $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023 [2]. - On May 10, 2024, Seritage announced a reduction in its asset pricing projections, resulting in a gross value decrease of at least $325 million, causing its stock price to fall by $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024 [8]. Group 2: Class Action Participation - Shareholders who wish to serve as lead plaintiffs in the class action must file motions by August 30, 2024, and participation is not required to be eligible for recovery [3]. - The law firm Robbins LLP is actively litigating this case and has a history of recovering over $1 billion for shareholders since its inception [6].

NEW YORK, July 02, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased securities of Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company") between July 7, 2022 and May 10, 2024, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares of Seritage should contact the Firm prior to ...