Roy Jacobs & Associates Announces that a Securities Class Action Has Been Filed on Behalf of Purchasers of General Growth Pro...
November 05 2008 - 4:36PM
Business Wire
Roy Jacobs & Associates announces that a securities fraud class
action has been filed on behalf of purchasers of the stock of
General Growth Properties, Inc. (NYSE:GGP, �General Growth� or the
�Company�) common stock during the period from April 30, 2008
through October 26, 2008, (the �Class Period�). For further
information, please contact Roy L. Jacobs, Esq. toll-free at
1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com. The
Complaint alleges that during the Class Period, defendants made
false and misleading statements about General Growth�s access to
financing, wherein 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. If you bought General Growth
common stock during the (i) period from April 30, 2008 through
October 26, 2008, and suffered a loss (whether or not you have sold
your shares), or (ii) on or prior to April 30, 2008 and still
intend to hold your shares, and you are interested in discussing
your rights free of charge, please contact Roy L. Jacobs. Mr.
Jacobs will be glad to personally speak with you. All motions for
the appointment of lead plaintiff must be made no later than
December 30, 2008.
GGP Inc. (NYSE:GGP)
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