SERITAGE ALERT: Bragar Eagel & Squire, P.C. is Investigating Seritage Growth Properties on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Seritage Growth Properties due to allegations of fiduciary duty breaches by the board of directors following a class action complaint filed on July 1, 2024, covering a class period from July 7, 2022, to May 10, 2024 [1] 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, leading to a stock price drop of $0.86, or 9.67$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, resulting in a stock price decline of$2.54, or 27.3%, closing at $6.78 on May 13, 2024 [3] Class Action Allegations - The class action complaint alleges that Seritage's management made materially false and misleading statements and failed to disclose significant adverse facts about the company's operations, including ineffective internal controls and overstated asset values [4]