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General Growth Properties Inc GGP Securities Stock Fraud

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Company: General Growth Properties Inc
Ticker Symbol: GGP
Class Period: Apr-30-08 to Oct-26-08
Date Filed: Nov-3-08
Lead Plaintiff Deadline: Jan-2-09
Court: Northern District of Illinois
Allegations:
A class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of General Growth Properties, Inc. ("General Growth") (NYSE:GGP) common stock during the period between April 30, 2008 and October 26, 2008 (the "Class Period").

The complaint charges General Growth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. General Growth is a self-administered and self-managed real estate investment trust.

The complaint alleges that during the Class Period, defendants made false and misleading statements about General Growth's access to financing. Specifically, defendants represented that General Growth had the ability to refinance billions of dollars in debt that was coming due in the fall of 2008 and spring of 2009 on acceptable terms. In fact, General Growth did not have access to such financing. Further, defendants failed to disclose that the Company's President/Chief Operating Officer and its Chief Financial Officer had received loans from the Chief Executive Officer's family trust in violation of the Company's own Code of Business Conduct and Ethics.

On September 22, 2008, the Company announced that it was pursuing a comprehensive evaluation of its financial and strategic alternatives. On October 3, 2008, the Company suspended its dividend and then, on October 27, 2008, announced it was marketing for sale its portfolio of retail properties in Las Vegas. On this series of disclosures, General Growth's stock price collapsed, falling from $21.42 on September 19, 2008 to less than $2.00 per share on October 27, 2008, or nearly 95% from its Class Period high of $43.83 per share.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

General Growth Properties Inc GGP Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible General Growth Properties Inc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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