General Growth Properties, Inc. - Securities Class Action

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Stanford Law School

General Growth Properties, Inc. Summary: According to a October 31, 2008, press release, 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 the company 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, the company 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.

On April 07, 2009, in accordance with this Court's oral ruling, this action was hereby dismissed without prejudice and the civil case was terminated.

INDUSTRY CLASSIFICATION:
SIC Code: 6798
Sector: Services
Industry: Real Estate Operations

COMPANY/ISSUER NAME:	General Growth Properties, Inc.
COMPANY/ISSUER TICKER:	GGP
COMPANY WEBSITE:	http://www.ggp.com/

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Gorham, et al. v. General Growth Properties, Inc., et al.

COURT: N.D. Illinois	DOCKET NUMBER: 08-CV-06258
JUDGE NAME: Hon. Milton I. Shadur
DATE FILED: 10/31/2008	SOURCE:
CLASS PERIOD START: 04/30/2008	CLASS PERIOD END: 10/26/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (San Diego) 655 West Broadway, Suite 1900, San Diego, CA, 92101 (voice) 619.231.1058, (fax) 619.231.7423, info@csgrr.com/ Miller Law LLC 115 S. LaSalle Street, Suite 2910, Chicago, IL, 60603 (voice) 312.676.2665, (fax) , info@MillerLawLLC.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Violation Of The Federal Securities Laws
Type: Complaint		Date on the document: 10/31/2008
Notification Of Docket Entry
Type: Notice		Date on the document: 04/07/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/07/2009

OTHER DOCUMENTS
Class Action Complaint For Violation Of Federal Securities Laws
Case Name and/or Number: Sharankishor Desai, et al. v. General Growth Properties, Inc., et al.
Type: Complaint		Date on the document: 01/26/2009
Amended Class Action Complaint
Case Name and/or Number: Desai, et al. v General Growth Properties, Inc., et al.
Type: Complaint		Date on the document: 04/21/2009
Memorandum Opinion And Order
Case Name and/or Number: Sharankishor Desai, etc. v. General Growth Properties, Inc. et al.
Type: Order		Date on the document: 09/17/2009
Order Authorizing Distribution Of Settlement Funds And Payment Of Fees And Expenses
Case Name and/or Number: Desai, et al. v. General Growth Properties, Inc., et al.
Type: Order		Date on the document: 09/30/2011

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