SERITAGE ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Seritage Growth Properties and Encourages Investors to Contact the Firm

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].