An investor, who purchased shares of CBL & Associates Properties, Inc. (NYSE:CBL), filed a lawsuit in the U.S. District Court for the Eastern District of Tennessee over alleged violations of Federal Securities Laws by CBL & Associates Properties in connection with certain allegedly false and misleading statements made between August 8, 2013 and May 24, 2016.
Investors who purchased shares of CBL & Associates Properties, Inc. (NYSE:CBL) have certain options and for certain investors are short and strict deadlines running. Deadline: July 26, 2016. NYSE:CBL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of CBL & Associates Properties, Inc. (NYSE:CBL) common shares between August 8, 2013 and May 24, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 8, 2013 and May 24, 2016 BL & Associates Properties, Inc. made allegedly materially false and/or misleading statements and/or allegedly failed to disclose material facts about the Company, including that certain of its employees may have provided material non-public information to Senator Robert Corker, and that BL & Associates Properties, Inc. failed to disclose to its shareholders that certain of its financing arrangements may have been obtained through fraud and/or misrepresentation.
CBL & Associates Properties, Inc. reported that its annual Total Revenue declined from over $1.06 billion in 2014 to over $1.05 billion in 2015 and that its respective Net Income declined from $219.10 million to $103.37 million.
Shares of CBL & Associates Properties, Inc. (NYSE:CBL) declined from $21.09 per share in January 2015 to as low as $9.40 per share on February 11, 2016.
On May 24, 2016, it was reported that CBL & Associates Properties, Inc is under investigation by the Federal Bureau of Investigation and the Securities and Exchange Commission. Specifically, the investigation reportedly is focused on whether the CBL & Associates Properties, Inc falsified information on financial statements to banks when applying for financial arrangements. Law-enforcement officials are reported to have spoken with former CBL & Associates Properties, Inc employees who allege that the Company inflated its rental income and its properties’ occupancy rates when reporting those figures to banks. Shares of CBL & Associates Properties, Inc. (NYSE:CBL) declined on May 25, 2016, to $8.98 per share.
Those who purchased NYSE:CBL shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com