Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against General Growth Properties, Inc.
October 31 2008 - 4:35PM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP (�Coughlin Stoia�)
(http://www.csgrr.com/cases/generalgrowth/) today announced that a
class action has been commenced in the United States District Court
for the Northern District of Illinois on behalf of purchasers of
General Growth Properties, Inc. (�General Growth�) (NYSE:GGP)
common stock during the period between April 30, 2008 and October
26, 2008 (the �Class Period�). If you wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff�s counsel, Darren Robbins of Coughlin Stoia at
800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If
you are a member of this class, you can view a copy of the
complaint as filed or join this class action online at
http://www.csgrr.com/cases/generalgrowth/. 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. The complaint charges General Growth
and certain of its officers and directors with violations of the
Securities Exchange Act of 1934. General Growth is a
self-administered and self-managed real estate investment trust.
The complaint alleges that during the Class Period, defendants made
false and misleading statements about General Growth�s access to
financing. Specifically, defendants represented that General Growth
had the ability to refinance billions of dollars in debt that was
coming due in the fall of 2008 and spring of 2009 on acceptable
terms. In fact, General Growth did not have access to such
financing. Further, defendants failed to disclose that the
Company�s President/Chief Operating Officer and its Chief Financial
Officer had received loans from the Chief Executive Officer�s
family trust in violation of the Company�s own Code of Business
Conduct and Ethics. On September 22, 2008, the Company announced
that it was pursuing a comprehensive evaluation of its financial
and strategic alternatives. On October 3, 2008, the Company
suspended its dividend and then, on October 27, 2008, announced it
was marketing for sale its portfolio of retail properties in Las
Vegas. On this series of disclosures, General Growth�s stock price
collapsed, falling from $21.42 on September 19, 2008 to less than
$2.00 per share on October 27, 2008, or nearly 95% from its Class
Period high of $43.83 per share. Plaintiff seeks to recover damages
on behalf of all purchasers of General Growth common stock during
the Class Period (the �Class�). The plaintiff is represented by
Coughlin Stoia, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial
fraud. Coughlin Stoia, a 190-lawyer firm with offices in San Diego,
San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken
a leading role in many important actions on behalf of defrauded
investors, consumers, and companies, as well as victims of human
rights violations. The Coughlin Stoia Web site
(http://www.csgrr.com) has more information about the firm.
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