SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Seritage Growth Properties – SRG

Core Viewpoint - Seritage Growth Properties has faced significant challenges related to internal control weaknesses and asset valuation adjustments, leading to substantial stock price declines in 2023 and 2024 [2][3][4]. Financial Reporting Issues - On August 14, 2023, Seritage disclosed a "material weakness" in its internal control over financial reporting, specifically regarding the identification of impairment indicators for real estate investments [2]. - The deficiency was attributed to the failure to timely identify potential impairment indicators related to development projects [2]. Stock Price Impact - Following the announcement of the internal control weakness, Seritage's stock price dropped by $0.86 per share, or 9.67%, closing at $8.03 on August 15, 2023 [2]. - On May 10, 2024, Seritage announced a reduction in the gross value of its asset portfolio by at least $325 million, leading to a further decline in stock price by $2.54 per share, or 27.3%, closing at $6.78 on May 13, 2024 [3][4]. Class Action Lawsuit - A class action lawsuit has been filed against Seritage, focusing on allegations of securities fraud and unlawful business practices by the company and certain officers/directors [7][8]. - Investors are encouraged to contact Pomerantz LLP for participation in the class action, with a deadline set for August 30, 2024, for shareholders who acquired Seritage securities during the class period [6][7].