SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against CBL & Asso...
03 June 2016 - 6:54AM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of CBL & Associates
Properties, Inc. (NYSE:CBL)?
- Did you purchase your shares between August 8, 2013 and
May 24, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint has been filed in the United States District Court for
the Eastern District of Tennessee on behalf of all persons or
entities that purchased the common stock of CBL & Associates
Properties, Inc. (“CBL” or the “Company”) (NYSE:CBL) between August
8, 2013 and May 24, 2016, inclusive (the “Class Period”), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the “Complaint”).
If you purchased shares of CBL during the Class
Period, or purchased shares prior to the Class Period and still
hold CBL, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky &
Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at
(888) 969-4242; by e-mail to info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/cbl-associates-properties-inc-cbl.
The Complaint alleges that throughout the Class Period, defendants
made materially false and misleading statements, and omitted
materially adverse facts, about the Company’s business, operations
and prospects. Specifically, the Complaint alleges that the
defendants concealed from the investing public that: (1) certain of
its employees may have provided material non-public information to
Tennessee Senator Robert Corker (“Corker”); and (2) the Company
failed to disclose to its shareholders that certain of its
financing arrangements were obtained through fraud and/or
misrepresentation. As a result of defendants’ alleged false
and misleading statements, the Company’s stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, on May 24, 2016,
after the markets had closed, the Wall Street Journal reported that
CBL is under investigation by both the Federal Bureau of
Investigation (“FBI”) and the SEC for allegedly inflating the
Company’s “rental income and occupancy rates for its properties
when providing those figures to banks” when applying for financing
arrangements, according to former CBL employees who have been
questioned by the federal agencies. The article also claimed
that “FBI and SEC officials have also separately asked questions
about the relationship between the company and Mr. Corker, who is
close with senior executives at the firm and has made millions of
dollars in profits trading the company’s stock in recent
years.”
On this news, shares of CBL dropped over 8%,
closing at $9.40 per share on May 25, 2016, on heavy trading
volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than July 25, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. Any member
of the proposed class may move the court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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