CBL & Associates Properties, Inc. Provides Update on Recent Financial Allegations and Anticipates Near Term Resolution
13 June 2016 - 11:00PM
Business Wire
CBL & Associates Properties, Inc. (NYSE:CBL) today issued
the following statement.
“For more than two weeks, we have been using every available
resource to determine whether there is an investigation by a
governmental agency underway with respect to our company’s loan
procedures as alleged in a media report. For the first time, on
Friday, June 10, 2016, as a result of our efforts, we learned in a
discussion with the Securities and Exchange Commission (SEC) that
it is conducting an investigation limited to four specific
non-recourse secured loans originated in 2011 and 2012.
Specifically, the purpose of this review is to ensure the
information provided to lenders regarding lease status reports,
revenues and expected revenues, did not materially vary from the
company’s financial statements. The agency welcomed our proactive
outreach, as well as our commitment to commission an independent
review of our procedures with respect to those loans. Ernst &
Young has been engaged to conduct a swift and thorough
investigation. The findings from that independent investigation
will be provided to the SEC upon completion. We are confident that
this will bring a positive resolution to this matter.
“As we’ve stated previously, at all times, our company operates
with the utmost integrity and holds itself to the highest ethical
standards. We have stringent policies and procedures in place to
ensure all of our accounting and financial processes and reporting
comply with applicable laws, rules and regulations.”
About CBL & Associates Properties,
Inc.
Headquartered in Chattanooga, TN, CBL is one of the largest and
most active owners and developers of malls and shopping centers in
the United States. CBL owns, holds interests in or manages 147
properties, including 91 regional malls/open-air centers. The
properties are located in 31 states and total 84.3 million square
feet including 8.6 million square feet of non-owned shopping
centers managed for third parties. Additional information can be
found at cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: http://www.businesswire.com/news/home/20160613005734/en/
CBL & Associates Properties, Inc.Investor Contact:Katie
Reinsmidt, 423-490-8301Senior Vice President - Investor Relations
and Corporate Investmentskatie.reinsmidt@cblproperties.comorMedia
Contact:Stacey Keating, 423-490-8361Director of Public
Relationsstacey.keating@cblproperties.com
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