NEW YORK, July 11, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that approximately 5 days remain to make a motion for
lead plaintiff in a securities class action lawsuit on behalf of
those who purchased or acquired the securities of CBL &
Associates Properties Inc. ("CBL" or the "Company") (NYSE: CBL)
between July 29, 2014, and
March 26, 2019 (the "Class Period").
The lawsuit seeks to recover CBL shareholders' investment
losses.
If you purchased CBL securities during the Class Period,
and/or would like to discuss your legal rights and options,
please visit CBL Shareholders Class Action Lawsuit or contact
Matthew Guarnero toll free at
(877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, defendants made materially false and
misleading statements omissions to investors on a periodic
basis throughout the Class Period by: (i) overstating
Company's tenant reimbursements, revenues and income by including
unlawfully obtained profits from defendants' overbilling scheme in
violation of generally accepted accounting principles ("GAAP") and
SEC reporting requirements; (ii) claiming that CBL received
reimbursement from tenants for operating expenses, "as provided in
the lease agreements," when in fact CBL was violating these lease
agreements by systematically overcharging its tenants; and (iii)
failing disclose the material liability and reputational harm
it faced as a result of this scheme. Additionally CBL failed
to disclose a class action lawsuit alleging RICO violations and
seeking damages as a result of these unlawful practices, to
investors for years.
On March 1, 2019, CBL finally
revealed the existence of the class action lawsuit filed against
it. While revealing the existence of this lawsuit, the defendants'
discussion of it was materially misleading. Nevertheless, as
a result of this partial disclosure, the price of CBL common stock
dropped $0.16 per share, or nearly
8%.
On March 26, 2019, CBL issued a
press release announcing the settlement of the class action lawsuit
filed against it which included the Company suspending its dividend
to fund the settlement. Later that day the Company revealed
that it had agreed to a $90 million
common fund to resolve the class action lawsuit. On this news, the
price of CBL common stock dropped $0.47 per share, or roughly 25%.
If you purchased CBL securities during the Class Period,
and/or would like to discuss your legal rights and options,
please visit
https://www.bernlieb.com/cases/cblandassociates-cbl-lawsuit-class-action-fraud-stock-shareholder-151/ or
contact Matthew Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than July 16, 2019. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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