NEW YORK, Aug. 17, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that class action lawsuits have been commenced on behalf of shareholders of Lifecore Biomedical, Inc. (NASDAQ: LFCR), Seritage Growth Properties (NYSE: SRG), Oddity Tech (NASDAQ: ODD) and Arbor Realty Trust, Inc. (NYSE: ABR). Shareholders have until the deadlines set forth below to ask the Court to serve as lead plaintiff. For more information about each case, please see the link provided.
Lifecore Biomedical, Inc. (NASDAQ:LFCR)
Teaching period: October 7, 2020 and March 19, 2024
Deadline for lead plaintiff: September 27, 2024
Between September 2022 and February 2024, Lifecore’s share price declined in response to a series of disclosures regarding material deficiencies in internal control over financial reporting and delays in making required filings with the U.S. Securities and Exchange Commission (SEC).
The complaint alleges that (i) Lifecore maintained inadequate internal controls over financial reporting; (ii) as a result, the Company issued several financial reports that were inaccurate and required restatement; (iii) Lifecore’s purported remedial efforts with respect to the foregoing deficiencies were ineffective; (iv) all of the foregoing impaired Lifecore’s ability to timely file periodic reports with the SEC in accordance with NASDAQ listing requirements; and (v) accordingly, the Company’s financial condition and/or prospects were materially overstated.
For more information about the Lifecore class action lawsuit, please visit: https://bespc.com/cases/LFCR
Seritage Growth Properties (NYSE:SRG)
Class period: July 7, 2022 – May 10, 2024
Deadline for lead plaintiff: August 30, 2024
On August 14, 2023, after the market closed, Seritage announced that there was a “material weakness” in the company’s internal control over financial reporting “due to a deficiency in the design of our controls over the identification of impairment indicators for investments in real estate and the documentation of verification evidence.” In addition, the deficiency related “to the failure to identify potential indicators of impairment related to development projects in a timely manner.”
On this news, Seritage’s stock price fell $0.86, or 9.67%, to close at $8.03 per share on August 15, 2023, amid unusually heavy trading volume.
Then, on May 10, 2024, after the market closed, Seritage released its financial results for the first quarter of 2024 and announced that it was “adjusting its price forecasts for some of its assets.” As a result, the gross value of the company’s asset portfolio decreased by at least $325 million.
On this news, Seritage’s stock price fell $2.54, or 27.3%, to close at $6.78 per share on May 13, 2024, amid unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked effective internal controls over the identification and review of impairment indicators for real estate investments; (2) that, as a result, the Company overstated the value and projected gross proceeds of certain real estate assets; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.
For more information about the Seritage class action lawsuit, please visit: https://bespc.com/cases/SRG
Oddity Tech (NASDAQ:ODD)
Class period: July 19, 2023 – May 20, 2024
Deadline for lead plaintiff: September 17, 2024
The complaint alleges that defendants made materially false and/or misleading statements about the Company’s business, operations and compliance policies and/or failed to disclose that: (i) Oddity Tech exaggerated its AI technology and capabilities and/or the extent to which such technology drove the Company’s revenue; (ii) Oddity Tech’s repurchase rates and revenue were due, at least in part, to unsustainable and deceptive sales and advertising practices; and (iii) Oddity Tech downplayed the true scope and severity of the ongoing civil litigation against the Company and/or its subsidiaries.
For more information about the Oddity Tech class action lawsuit, please visit: https://bespc.com/cases/ODD
Arbor Realty Trust, Inc. (NYSE:ABR)
Teaching period: May 7, 2021 and July 11, 2024
Deadline for lead plaintiff: September 30, 2024
Arbor Realty invests in a diversified portfolio of structured finance assets in the multifamily, single-family rental and commercial real estate markets in the United States.
The Arbor Real Estate A class action lawsuit alleges that defendants provided investors with material information regarding Arbor Realty’s ongoing claims about the solid performance of its loan portfolio, thereby materially misleading investors and/or withholding important information from them.
The Arbor Real Estate The class action lawsuit further alleges that on July 12, 2024 Bloomberg reported that Arbor Realty was being investigated by federal prosecutors and the FBI in New York and that “investigators are inquiring about the company’s lending practices and disclosures about the performance of its loan portfolio.” Following this news, Arbor Realty’s stock price fell 17%, the lawsuit states.
For more information on the Arbor Realty class action lawsuit, visit: https://bespc.com/cases/ABR
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation in state and federal courts across the country. For more information about the firm, visit www.bespc.com. Attorney advertising. Past results do not guarantee similar results.
Contact information:
Bragar Eagle & Squire, PC
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
