Security Investigation

Seritage Growth Properties (NYSE: SRG)

43 Days left to seek lead plaintiff status.

Company Name:Seritage Growth Properties
Stock Symbol:NYSE: SRG
Court:Southern District of New York
Class Period Start:07/07/2022
Class Period End (inclusive):05/10/2024
Filing Deadline:08/30/2024

Contact a Lawyer Now

(877) 515-1850

Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until August 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG).

Seritage and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On August 14, 2023, the Company disclosed a “material weakness” in its internal control over financial reporting “due to a deficiency in the design of our control over the identification of impairment indicators for investments in real estate and documentation of evidence of review” related “to the failure to identify potential indicators of impairment related to development projects in a timely manner.”  On this news, the price of Seritage’s shares fell $0.86, or 9.67%, to close at $8.03 per share on August 15, 2023, on unusually heavy trading volume.

Then, on May 10, 2024, the Company released its 1Q2024 financial results, disclosing that it was “adjusting [its] pricing projections for some of [its] assets” resulting in the gross value of the Company’s portfolio of assets being reduced by at least $325 million. On this news, the price of Seritage’s shares fell $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024, on unusually heavy trading volume.

If you purchased securities of Seritage and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.

The case is He v. Seritage Growth Properties, et al., No. 1:24-cv-05007.

Click here to read the first filed complaint.