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Case Page

 

Case Status:    ONGOING  
—On or around 07/02/2024 (Date of last review)
Current/Last Presiding Judge:  
Hon. Vernon S. Broderick

Filing Date: July 01, 2024

According to the Complaint, Seritage commenced operations in 2015 as a real estate investment trust which primarily held properties acquired from Sears Holdings Corporation. After formation, the Company was principally engaged in the ownership, development and leasing of retail and mixed-use properties throughout the United States.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company lacked effective internal controls regarding the identification and review of impairment indicators for investments in real estate; (2) that, as a result, the Company had overstated the value and projected gross proceeds of certain real estate assets; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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