NEW YORK, Dec. 24, 2008 (GLOBE NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Northern District of Illinois, Eastern Division, against General Growth Properties, Inc. ("General Growth" or the "Company") (NYSE:GGP) and certain officers of the Company. The class action, (08-CV-7069) was filed on behalf of purchasers of the common stock of General Growth between April 30, 2008 and October 26, 2008, inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (15 U.S.C. Sections 78j(b) and 78t(a)) and Rule 10b-5 promulgated thereunder.
General Growth is a self-administered and self-managed real estate investment trust, headquartered in Chicago, Illinois. The complaint alleges that during the Class Period, Defendants made false and misleading statements or failed to disclose material adverse facts about General Growth's business and financial condition. The Complaint specifically alleges that Defendants failed to disclose: (i) that General Growth would not be able to refinance billions of dollars of debt that was coming due in late 2008 and early 2009; (ii) that this was a direct result of the Company's inability to access debt financing; (iii) that Company executives such as the CFO and President/COO had received loans from the CEO's family trust in violation of the Company's Code of Business Conduct and Ethics; (iv) that the Company lacked adequate internal controls; and (v) that, as a result of the foregoing, Defendants' Class Period statements about the Company lacked a reasonable basis.
As Defendants misleading statements and failures to disclose became known to the market, the Company's stock price dropped from a Class Period high of $43.83 to less than $2.00 per share.
If you purchased or acquired the shares of General Growth Properties during the Class Period, you have until December 30, 2008 to ask the Court to appoint you as lead plaintiff for the class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may join the action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.