Shareholder Alert: Robbins LLP Informs Stockholders of the Class Action Filed Against Seritage Growth Properties (SRG)

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].