SAN FRANCISCO, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Equity Lifestyle Properties, Inc. (NYSE: ELS) investors who suffered substantial losses to submit your losses now.
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Equity Lifestyle Properties, Inc. (NYSE: ELS) Investigation:
“We are investigating the circumstances that led ELS to materially overstate its operating cash flows for nearly the past three years,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
The firm’s investigation stems from ELS’s Jan. 22, 2024 disclosure that, following its receipt of a comment letter from the SEC, the company determined that investors should no longer rely on certain of its past financial statements.
The same day, ELS filed an amended Form 10-K and amended Form 10-Qs revealing adjustments to its consolidated cash flow statements. These adjustments revealed that ELS had significantly overstated net cash provided by operating activities: (1) for the year ended Dec. 31, 2020 by $49.125mm (or about 11.8%); (2) for the year ended Dec. 31, 2021 by $86.025mm (or about 16.9%); (3) for the year ended Dec. 31, 2022 by $123.522mm (or about 25.9%); and (4) for the quarter ended March 31, 2023 by $35.48mm (or about 22%).
These revelations drove the price of ELS shares significantly lower.
If you invested in Equity Lifestyle Properties and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the ELS investigation, read more »
Whistleblowers: Persons with non-public information regarding Equity Lifestyle Properties should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ELS@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
