NEW YORK, May 25, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of CBL & Associates Properties Inc. ("CBL" or the "Company") (NYSE: CBL). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether CBL and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 24, 2016, post-market, The Wall Street Journal reported that CBL is under investigation by the Federal Bureau of Investigation and the Securities and Exchange Commission. Specifically, the investigation is focused on whether the real estate company falsified information on financial statements to banks when applying for financial arrangements. Law-enforcement officials are reported to have spoken with former CBL employees who allege that the Company inflated its rental income and its properties' occupancy rates when reporting those figures to banks.
On this news, CBL stock has fallen as much as $1.14, or 11.11%, to $9.12 during intraday trading on May 25, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP