SRG Class Action Alert: Robbins LLP Reminds Stockholders of the Lead Plaintiff Deadline in the Class Action Against Seritage Growth Properties

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].