NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Washington Prime Group Inc. ("WPG" or the "Company") (NYSE: WPG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether WPG and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 16, 2021, in a filing with the U.S. Securities and Exchange Commission ("SEC"), WPG disclosed that, on February 15, 2021, Washington Prime Group, L.P. ("WPG L.P."), the operating partnership of WPG, had "elected to withhold an interest payment of $23.2 million due on February 15, 2021 with respect to WPG L.P.'s outstanding Senior Notes due 2024," and that "WPG L.P. has a 30-day grace period to make the interest payment before such non-payment constitutes an 'event of default.'" The SEC filing further advised that, in an event of default, certain counterparties to the senior notes "could accelerate the outstanding indebtedness due . . . making such indebtedness due and payable, which would result in a cross-default with respect to some of WPG L.P.'s or the Company's other indebtedness."
Following the SEC filing, WPG's stock price fell $4.59 per share, or 38%, to close at $7.49 per share on February 16, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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
888-476-6529 ext. 7980
SOURCE Pomerantz LLP