Allegations Against Seritage Growth Properties (NYSE: SRG)

Recently, a class action lawsuit was filed against the company. The filed complaint alleges that defendants made false statements and/or concealed that: (1) the Company lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; (2) as a result, the Company had overstated the value and projected gross proceeds of certain real estate assets; and (3) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Johnson Fistel LLP’s investigation seeks to determine whether Seritage Growth’s senior officers or members of its board of directors harmed the company by breaching their fiduciary duties or otherwise violating securities laws in connection with the foregoing alleged conduct.