NEW YORK, July 11, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that approximately 5 days remain to make a motion for lead plaintiff in a securities class action lawsuit on behalf of those who purchased or acquired the securities of CBL & Associates Properties Inc. ("CBL" or the "Company") (NYSE: CBL) between July 29, 2014, and March 26, 2019 (the "Class Period"). The lawsuit seeks to recover CBL shareholders' investment losses.
If you purchased CBL securities during the Class Period, and/or would like to discuss your legal rights and options, please visit CBL Shareholders Class Action Lawsuit or contact Matthew Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, defendants made materially false and misleading statements omissions to investors on a periodic basis throughout the Class Period by: (i) overstating Company's tenant reimbursements, revenues and income by including unlawfully obtained profits from defendants' overbilling scheme in violation of generally accepted accounting principles ("GAAP") and SEC reporting requirements; (ii) claiming that CBL received reimbursement from tenants for operating expenses, "as provided in the lease agreements," when in fact CBL was violating these lease agreements by systematically overcharging its tenants; and (iii) failing disclose the material liability and reputational harm it faced as a result of this scheme. Additionally CBL failed to disclose a class action lawsuit alleging RICO violations and seeking damages as a result of these unlawful practices, to investors for years.
On March 1, 2019, CBL finally revealed the existence of the class action lawsuit filed against it. While revealing the existence of this lawsuit, the defendants' discussion of it was materially misleading. Nevertheless, as a result of this partial disclosure, the price of CBL common stock dropped $0.16 per share, or nearly 8%.
On March 26, 2019, CBL issued a press release announcing the settlement of the class action lawsuit filed against it which included the Company suspending its dividend to fund the settlement. Later that day the Company revealed that it had agreed to a $90 million common fund to resolve the class action lawsuit. On this news, the price of CBL common stock dropped $0.47 per share, or roughly 25%.
If you purchased CBL securities during the Class Period, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/cblandassociates-cbl-lawsuit-class-action-fraud-stock-shareholder-151/ or contact Matthew Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than July 16, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP