NEW YORK, June 27, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that it was the first to file a class action lawsuit against CBL & Associates Properties, Inc. (“CBL” or the “Company”) (NYSE: CBL) in the United States District Court for the Eastern District of Tennessee on behalf of those who purchased or acquired the securities of CBL. A class period has been proposed that would cover all transactions in CBL securities that occurred between April 29, 2016 and March 26, 2019, inclusive (the “Class Period”). Gainey McKenna & Egleston’s lawsuit seeks to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose in its SEC filings that the Company was the target of a class action suit that could result in tens of millions or even hundreds of millions of dollars in liability. The Complaint alleges that Defendants completely ignored their disclosure obligation, motivated by a desire to avoid bad publicity surrounding their dishonest nature and their dishonest conduct. When the truth was revealed, CBL shares materially declined in price, injuring Plaintiff and the other members of the proposed Class.
Investors who purchased or otherwise acquired the securities of CBL during the Class Period should contact Gainey McKenna & Egleston prior to the July 16, 2019 lead plaintiff motion deadline.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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