/EIN News/ -- NEW YORK, July 02, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased securities of Seritage Growth Properties (NYSE: SRG) (“Seritage” or the “Company”) between July 7, 2022 and May 10, 2024, inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Seritage lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; (2) that, as a result, Seritage had overstated the value and projected gross proceeds of certain real estate assets; and (3) that, as a result of the foregoing, Defendants’ positive statements about Seritage’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Seritage should contact the Firm prior to the August 30, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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