On July 1, 2024, a class action lawsuit was filed against Seritage Growth Properties, its Chief Executive Officer, and Chief Financial Officer in the U.S. District Court for the Southern District of New York. The lawsuit, captioned Zhengxu He, Trustee of the He & Fang 2005 Revocable Living Trust v. Seritage Growth Properties, Case No. 1:24:CV:05007, alleges violations of federal securities laws.
The complaint seeks to represent all persons and entities that acquired Company securities between July 7, 2022, and May 10, 2024. It claims that the defendants issued false, misleading, or omissive disclosures regarding the Company’s internal controls for identifying and reviewing impairment indicators for real estate investments, as well as the value and projected gross proceeds of certain real estate assets.
The plaintiff is seeking compensatory damages in an unspecified amount, along with reasonable costs and expenses. Seritage Growth Properties has stated its intention to vigorously defend itself against these allegations.
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