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BOSTON, May 21, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a Boston-based securities litigation firm representing investors nationwide, announces that a securities fraud class action has been filed against CBL & Associates Properties, Inc. (NYSE: CBL), and certain of its officers. Shareholders who lost money on their investments are encouraged to contact Block & Leviton LLP to learn more.
On March 26, 2019, CBL & Associates announced that the company would set aside $90 million in order to settle a class action lawsuit alleging that it entered into leases providing that it would charge its tenants for electricity at cost, and engaging in theft by marking up the electricity bills by large amounts and pocketing the difference. Following this revelation, CBL & Associates’ stock price declined more than 24%, from a close of $1.82 per share on March 26, 2019 to a close of $1.37 per share on March 27, 2019.
The shareholder lawsuit alleges that CBL & Associates misled shareholders as to its monetary exposure from the class action lawsuit it settled for $90 million.
If you purchased CBL & Associates shares between November 8, 2017 and March 26, 2019, and want to become involved in the litigation or have questions about your legal rights, you are encouraged to contact Dan DeMaria at (617) 398-5660, by email at email@example.com, or by visiting https://shareholder.law/cases/?case=cbl. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to serve as a lead plaintiff, you must move the Court no later than July 16, 2019.
The complaint in this case was filed in the United States District Court, Eastern District of Tennessee, and is captioned Paskowitz v. CBL & Associates Properties, Inc., et al.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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