SERITAGE GROWTH SHAREHOLDER WARNING FROM FORMER LOUISIANA

NEW ORLEANS, July 9, 2024 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until 30 August 2024 to file lead plaintiff motions in a class action lawsuit against Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG) if they purchased the Company’s securities between July 7, 2022 and May 10, 2024, inclusive (the “Class Period”). This action is pending in the U.S. District Court for the Southern District of New York.

What you can do

If you purchased Seritage securities and would like to discuss your legal rights, how this case affects you and your right to recover your economic loss, you may contact Lewis Kahn, Managing Partner at KSF, at no obligation or cost, toll free at 1-877-515-1850 or via email ([email protected]) or visit https://www.ksfcounsel.com/cases/nyse-srg/ to learn more. If you wish to serve as lead plaintiff in this class action, you must move the Court by 30 August 2024.

About the lawsuit

Seritage and certain of its executives are alleged to have failed to disclose material information during the Class Period, in violation of the 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 the documentation of verification evidence” that was “related to the failure to timely identify potential impairment indicators related to development projects.” Following this news, Seritage’s share price fell $0.86, or 9.67%, closing at $8.03 per share on August 15, 2023, amid unusually high trading volume.

Then, on May 10, 2024, the Company released its Q1 2024 financial results and announced that it was “adjusting its price forecasts for certain of its assets,” resulting in a reduction of at least $325 million in the gross value of the Company’s asset portfolio. On this news, Seritage’s share price fell $2.54, or 27.3%, closing at $6.78 per share on May 13, 2024, amid unusually high trading volume.

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

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading boutique securities litigation firms. KSF serves a wide range of clients – including public institutional investors, hedge funds, asset managers and individual investors – in recovering investment losses resulting from corporate fraud or abuse of authority by publicly traded companies. KSF maintains offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163