SERITAGE GROWTH SHAREHOLDER ALERT FROM FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES OVER $100,000 OF LEAD PLAINTIFF FILING DEADLINE IN CLASS ACTION AGAINST SERITAGE GROWTH PROPERTIES

NEW ORLEANS, July 19, 2024 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF Partner, former Attorney General of Louisiana, Charles C. Foti, Jr.remind investors that they have until 30 August 2024 to file lead plaintiff motions in a class action lawsuit against Seritage Growth Properties (“Seritage” or the “Company”) (NYSE: SRG) if they sell the Company’s securities between July 7, 2022 And May 10, 2024inclusive (the “Claim Period”). This action is pending in The United States District Court for the Southern District of new York.

What you can do

If you have purchased Seritage securities and would like to discuss your legal rights, the impact of this case on you and your right to recover your economic loss, you may contact KSF Managing Partner Lewis Kahn, without obligation and free of charge, by calling toll-free 1-877-515-1850 or by email ((email protected)), or visit https://www.ksfcounsel.com/cases/nyse-srg/ to learn more. If you wish to serve as lead plaintiff in this class action lawsuit, you must move the Court by 30 August 2024.

About the lawsuit

Seritage and certain of its executives are alleged to have failed to disclose material information during the Class Period, in violation of the federal securities laws.

At 14 August 2023The company disclosed a “material weakness” in its internal control over financial reporting “due to a deficiency in the design of our control over the identification of impairment indicators for investments in real estate and the documentation of verification evidence” that “is related to the failure to identify potential indicators of impairment related to development projects in a timely manner.” Following this news, the price of Seritage shares fell $0.86or 9.67% and closed at $8.03 per share on 15 August 2023due to unusually high trading volume.

Then on May 10, 2024The Company released its financial results for the first quarter of 2024 and announced that it was “adjusting its price forecasts for some of its assets,” resulting in a reduction in the gross value of the Company’s asset portfolio by at least 325 million US dollarsFollowing this news, the price of Seritage shares fell $2.54or 27.3% and closed at $6.78 per share on May 13, 2024due to unusually high trading volume.

The case is He v. Seritage Growth Properties, et al., No. 1:24-cv-05007.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr.is one of the nation’s leading boutique securities litigation firms. KSF serves a wide range of clients, including public institutional investors, hedge funds, asset managers and individual investors, in recovering investment losses from corporate transactions. Fraud or abuse of office by listed companies. KSF has offices in new York, Delaware, California, Louisiana And New Jersey.

To learn more about KSF, visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis KahnManaging Partner
(email protected)
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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