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 ...

SAN DIEGO, July 02, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Seritage Growth Properties (NYSE: SRG) securities between July 7, 2022 and May 10, 2024. Plaintiff alleges that 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 ...

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 ...

ATLANTA, July 02, 2024 (GLOBE NEWSWIRE) -- A shareholder class action lawsuit has been filed against officers of Seritage Growth Properties ("Seritage" or the "Company") (NYSE: SRG). The lawsuit alleges that Defendants made materially false and misleading statements and/or failed to disclose material adverse information, regarding the Company's business, operations, and prospects, including allegations that: (1) Seritage lacked effective internal controls regarding the identification and review of impairmen ...

LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Seritage Growth Properties (NYSE: SRG) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Seritage Growth Properties investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq. Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their leg ...

Loading... Loading... The most oversold stocks in the real estate sector presents an opportunity to buy into undervalued companies. The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro. Here's the latest list of ...

NEW YORK, May 22, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Seritage Growth Properties ("Seritage" or the "Company") (NYSE: SRG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Seritage and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On May 10, 2024, ...

Exhibit 99.1 Seritage Growth Properties Reports First Quarter 2024 Operating Results New York – May 10, 2024 – Seritage Growth Properties (NYSE: SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2024. "We are continuing to advance our Plan of Sale, having sold $80 million of assets year to date and repaid an equal amount of debt in the process. Since the announcement of our ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State of Incorporation) (I.R.S. Employer Identification No.) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024 or FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as ...