NEW YORK, NY - 
(NewMediaWire) - August 16, 2024 - Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased Seritage Growth Properties (“Seritage Growth” or the “Company”) (NYSE: SRG) securities between July 7, 2022 and May 10, 2024 (the “Class Period”).
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than August 30, 2024 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process.
After the market closed on August 14, 2023, Seritage Growth, a real estate company, disclosed there was a “material weakness” in the Company’s 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.” Further, Seritage Growth disclosed that the deficiency was related “to the failure to identify potential indicators of impairment related to development projects in a timely manner” and that “[t]his deficiency contributed to the potential for there to be material errors in our financial statements.”
On this news, the price of Seritage Growth shares fell $.86 per share, over 9%, to close at $8.03 on August 15, 2023.
Then, on May 10, 2024, after the market closed, the Company announced its first quarter 2024 financial results, revealing it was “adjusting [its] pricing projections for some of [its] assets.” According to the complaint, as a result of this adjustment, the gross value of the Company’s portfolio of assets will be reduced by at least $325 million.
On this news, the price of Seritage Growth shares fell $2.54, over 27%, to close at $6.78 per share on May 13, 2024, the first trading day following the news.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
