NEW YORK, July 11, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CBL & Associates Properties Inc. (“CBL” or the “Company”) (NYSE:CBL) of the July 16, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in CBL stock or options between November 8, 2017 and March 26, 2019 and would like to discuss your legal rights, click here:www.faruqilaw.com/CBL. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of Tennessee on behalf of all those who purchased CBL securities between November 8, 2017 and March 26, 2019 (the “Class Period”). The case, Paskowitz v. CBL & Associates Properties, Inc. et al., No. 19-cv-00149 was filed on May 17, 2019, and has been assigned to Judge James Ronnie Greer.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the Company was the target of a class action suit that could result in tens of millions or even hundreds of millions of dollars in liability. The Complaint further alleges that Defendants completely ignored their disclosure obligation, motivated by a desire to avoid bad publicity surrounding their dishonest nature and their dishonest conduct.
On March 26, 2019, CBL revealed, in a form 8-K filed with the Securities and Exchange Commission (“SEC”), the proposed settlement in a major class action lawsuit in which the Company was a defendant, announcing that the settlement money was to be set aside in “a common fund with a monetary and non-monetary value of $90 million.”
On this news, the Company’s stock price fell from $1.91 per share on March 26, 2019 to $1.44 per share on March 27, 2019—a $0.47 or 24.61% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding CBL’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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