Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in CBL & Associates Properties (NYSE:CBL) in connection to alleged securities law violations by CBL. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in CBL & Associates Properties between November 8, 2017 and March 26, 2019.
The class action complaint specifically alleges that during the period in question, CBL provided false and/or misleading material information and/or failed to disclose adverse material information to the public, namely: that the company had been named in a class-action lawsuit that stood to incur liability totaling tens to hundreds of millions of dollars; that with the aim of staving off negative publicity, the company did not abide by its responsibilities to make certain disclosures; and that consequently the company’s statements to the public during the relevant period were false and misleading. The complaint alleges that although the company spent years defending itself against a class-action lawsuit which it ultimately settled for nearly $90 million in 2019, a sum for which it was not insured, the company had made SEC disclosures that fraudulently represented it was not subject to litigation. When the company disclosed the lawsuit in March 2019, its stock declined in value by nearly 8%; when the company revealed the size of the settlement, its stock declined in value by about 25%, according to the class-action complaint. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, CBL & Associates Properties is a real estate investment trust (REIT) that owns and manages shopping centers in the southeastern United States. The company describes its success as “founded in its strategy of owning a national portfolio of market-dominant properties located in markets with high growth potential and strong demographics.” The company went public in 1993 and describes itself as focused on growth through aggressive leasing, profitable reinvestment, and active management. Its description goes on to list the company’s values as honoring and fostering relationships, an aspiration to innovation, and a commitment to excellence. The company trades on the New York Stock Exchange under the symbol CBL.
A class action lawsuit has already been filed in connection with CBL & Associates Properties. If you wish to serve as lead plaintiff in the CBL lawsuit, you must move the Court no later than July 16, 2019. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.