Izard Nobel LLP Announces Class Action Lawsuit Against General Growth Properties, Inc.
November 04 2008 - 6:04PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Northern District of
Illinois on behalf of those who purchased the common stock of
General Growth Properties, Inc. ("General Growth" or the "Company")
(NYSE: GGP) between April 30, 2008 and October 26, 2008 (the "Class
Period").
The Complaint charges that General Growth and certain of its
officers and directors violated federal securities laws.
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
and its Chief Financial Officer had received loans from the Chief
Executive Officer's family trust in violation of the Company's Code
of Business Conduct and Ethics.
On September 22, 2008, General Growth 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
news, General Growth's stock fell from $21.42 on September 19, 2008
to less than $2.00 per share on October 27, 2008.
If you are a member of the class, you may, no later than
December 30, 2008, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the litigation.
Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could
affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, class action cases
in general, and your rights, please contact Izard Nobel LLP
toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com, or
visit our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa Wayne T. Boulton (800) 797-5499
www.izardnobel.com Email Contact
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