NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit 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" or "the Company") (NYSE:GGP) securities during the period between April 30, 2008 through October 26, 2008 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased General Growth common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 30, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The allegations are as follows. During the Class Period, defendants misrepresented 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 when, in fact, General Growth did not have access to such financing. Further, after suspending its dividend on October 3, 2008, on October 27, 2008, the Company announced it was marketing for sale its portfolio of retail properties in Las Vegas. As a result of these announcements, the value of General Growth's stock declined significantly.