SAN DIEGO, June 24, 2016 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/cbl/) today announced that a class
action has been commenced by an institutional investor on behalf of
purchasers of CBL & Associates Properties, Inc. ("CBL")
(NYSE:CBL) common stock during the period between August 9, 2011 and May 24,
2016 (the "Class Period"). This action was filed in
the Eastern District of Tennessee
and is captioned International Union of Painters & Allied
Trades District Council No. 35 Pension Plan v. CBL & Associates
Properties, Inc., et al., No. 1:16-cv-00248.
![Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information. (PRNewsFoto/Robbins Geller Rudman & Dowd LLP) Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information. (PRNewsFoto/Robbins Geller Rudman & Dowd LLP)](https://photos.prnewswire.com/prnvar/20150415/198876LOGO)
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from May 27,
2016. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests,
please contact plaintiff's counsel, Darren Robbins of Robbins
Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this proposed class,
you can view a copy of the complaint as filed or join this class
action online at http://www.rgrdlaw.com/cases/cbl/. Any
member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice. You do not have to
move the Court to serve as lead plaintiff to participate in the
proposed class action.
The complaint charges CBL and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. CBL purports to be a self-managed, self-administered,
fully integrated real estate investment trust. Through its
affiliate, CBL & Associates Limited Partnership (the "Operating
Partnership"), CBL owns, develops, acquires, leases, manages and
operates regional shopping malls, open-air and mixed-use centers,
outlet centers, associated centers, community centers and office
properties.
The complaint alleges that throughout the Class Period,
defendants falsified information on financial statements provided
to banks when applying for financing arrangements, in particular by
inflating its rental income and its properties' occupancy rates,
and made numerous materially false and misleading statements and
omissions to investors that misrepresented the Company's compliance
with the financial covenants and restrictions imposed by the
Company's lenders. In addition, the complaint alleges that
defendants provided material non-public information about CBL to
Senator Robert P. Corker, Jr. of
Tennessee, allowing him to execute
numerous well-timed trades in CBL stock that netted him substantial
profits, while falsely stating to investors that the Company
required its employees to comply with laws and regulations
prohibiting the provision of material non-public information to
selected individuals. As a result of these false statements
and/or omissions, CBL common stock traded at artificially inflated
prices during the Class Period, reaching a high of $26.95 per share.
The complaint further alleges that between November 3, 2015 and June
13, 2016, the truth regarding defendants' misconduct began
to be revealed, as articles in The Wall Street Journal
reported on Senator Corker's well-timed trades, as well as a
pending FBI and SEC investigation regarding CBL's alleged
misrepresentations regarding its financing arrangements. These
disclosures caused CBL's stock price to decline, causing millions
of dollars in losses to CBL investors, who relied on the accuracy
of defendants' statements and suffered damages when the truth began
to be revealed.
Plaintiff seeks to recover damages on behalf of purchasers of
CBL common stock during the Class Period (the "Class"). The
plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.
Robbins Geller is widely recognized as one of the leading law
firms advising U.S. and international institutional investors in
securities litigation and portfolio monitoring. With 200
lawyers in 10 offices, Robbins Geller has obtained many of the
largest securities class action recoveries in history and was
ranked first in both total amount recovered for investors and
number of securities class action recoveries in ISS's SCAS Top 50
Report for the last two years. Robbins Geller attorneys have
shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars
on behalf of the Firm's clients. Robbins Geller not only
secures recoveries for defrauded investors, it also strives to
implement corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit
rgrdlaw.com/cases/cbl/ for more information.
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SOURCE Robbins Geller Rudman & Dowd LLP