PHILADELPHIA, July 15, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against CBL & Associates Properties, Inc. (“CBL” or the “Company”) (CBL) on behalf of investors who purchased the Company’s common stock between July 29, 2014 and March 26, 2019, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased CBL’s common stock during the Class Period may, no later than July 16, 2019, seek to be appointed as a lead plaintiff representative in the action.
CBL investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at firstname.lastname@example.org, to discuss this action and their legal rights and options. Additional information about this matter may also be found at http://kaskelalaw.com/case/cbl-associates/.
The shareholder class action complaint alleges that CBL issued a series of false and misleading statements to investors during the Class Period, and failed to appropriately disclose that the Company was the subject of a pending class action lawsuit alleging “that the Company and certain affiliated entities overcharged tenants at bulk metered malls for electricity.”
On March 26, 2019, CBL disclosed that it had agreed to settle the pending class action lawsuit and to “set aside a common fund with a monetary and non-monetary value of $90 million (the ‘Common Fund’) to be disbursed to class members in accordance with a formula to be agreed upon by the parties that is based upon aggregate damages of $60 million.” Additionally, CBL disclosed that, “[u]nder the terms of the proposed settlement, we will not pay any dividends to holders of our common shares payable in the third and fourth quarters of 2019.” Following this news, shares of the Company’s stock declined $0.47 per share, or nearly 25% in value, to close on March 27, 2018 at $1.44 per share.
CBL investors who suffered a loss investing in the Company’s securities are encouraged to contact Kaskela Law LLC prior to the July 16, 2019 deadline to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.