NEW YORK, June 20, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of CBL & Associates Properties, Inc. ("CBL" or the "Company") (NYSE: CBL). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether CBL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 1, 2019, CBL disclosed in its Annual Report that on January 7, 2019, class certification was granted in "a putative class action in the United States District Court for the Middle District of Florida . . . based on allegations that the Company and certain affiliated entities overcharged tenants at bulk metered malls for electricity" and that the action had been set "for the trial term starting on April 1, 2019." CBL further advised investors that "[w]e have not recorded an accrual relating to this matter at this time as a loss has not been determined to be probable. Further, we do not have sufficient information to reasonably estimate the amount or range of reasonably possible loss at this time." On this news, CBL's stock price fell $0.16 per share, or roughly 7.5%, to close at $1.98 per share on March 1, 2019.
Then, on March 26, 2019, CBL disclosed that it had settled the foregoing litigation and that the Company would be required "to set aside a common fund with a monetary and non-monetary value of $90 million". On this news, CBL's stock price fell $0.47 per share, or 24.61%, to close at $1.44 per share on March 27, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP