Seritage(US:SRG) Prnewswire·2024-08-12 09:30Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Seritage Growth Properties regarding a class action lawsuit due to alleged misleading statements and lack of effective internal controls related to real estate investments [1][2]. Group 1: Allegations - The complaint alleges that during the class period from July 7, 2022, to May 10, 2024, the company failed to disclose that it lacked effective internal controls for identifying and reviewing impairment indicators for real estate investments [1]. - As a result of these failures, the company is accused of overstating the value and projected gross proceeds of certain real estate assets [1]. - Consequently, the positive statements made by the defendants about the company's business, operations, and prospects were materially misleading and lacked a reasonable basis [1]. Group 2: Class Action Details - Shareholders who purchased shares of Seritage Growth Properties during the specified class period are encouraged to register for the class action lawsuit [2]. - The deadline for shareholders to seek lead plaintiff status is August 30, 2024, and there is no cost or obligation to participate in the case [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered due to deceit, fraud, and illegal business practices [3]. - The firm aims to ensure that companies adhere to responsible business practices and engage in good corporate citizenship [3]. - The firm seeks recovery for investors who incurred losses due to false or misleading statements that led to artificial inflation of the company's stock [3].