Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Washington Prime Group, Inc. (WPG)
BENSALEM, Pa .– (BUSINESS WIRE) – Law Offices of Howard G. Smith reminds investors of the upcoming July 23, 2021 deadline to file lead plaintiffs in the case filed on behalf of investors representing Washington Prime Group, Inc. (“WPG” or the “Company”) purchased “) (NYSE: WPG) securities between November 5, 2020 and March 4, 2021, inclusive (the” Class Period “).
Investors suffering losses on their WPG investments are advised to contact the Howard G. Smith law firms at 888-638-4847 or email email@example.com to determine their statutory rights in this class action lawsuit to discuss.
On February 16, 2021, WPG announced that its operational partnership, Washington Prime Group, LP (“WPG LP”), “an interest payment of February 15, 2021 of $ 23.2 million due 2024” and that “WPG LP has a grace period of 30 days to pay interest before such non-payment constitutes a “default”. ”The company also noted that if certain counterparties to the Senior Notes were to default, certain counterparties to the Senior Notes“ could expedite the outstanding debt. . . Maturity and maturity of such debt, which would lead to a mutual default in payment with respect to part of the other liabilities of WPG LP or the company. ”
As a result of this news, the company’s share price fell $ 4.59, or 38%, to close at $ 7.49 per share on February 16, 2021 with unusually high volume.
Then, on March 4, 2021, Bloomberg reported that WPG is “preparing a possible bankruptcy filing as time runs out to avert a default after skipping an interest payment on its debt, according to people who know the plans.”
As a result of this news, the company’s share price fell $ 3.77, or 60%, to close at $ 2.51 per share on March 4, 2021 with unusually high volume.
The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, Defendants failed to notify investors of the following: (1) that WPG’s financial condition deteriorated significantly; (2) that there was, as a result, significant uncertainty about the Company’s ability to meet its capital structure obligations when due; and (3) that, based on the foregoing, Defendants’ positive statements about the business, operations, and prospects of the Company were materially misleading and / or improperly based.
If you purchased or otherwise acquired WPG securities during the class action period, you may request the court no later than July 23, 2021 to request the court to appoint you as the lead plaintiff if you meet certain legal requirements. To become a member of the class action, you do not need to take any action at this point; You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action lawsuit, or if you have any questions about this announcement or your rights or interests in relation to these matters, please contact Howard G. Smith, Esquire, Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at firstname.lastname@example.org, or visit our website at www.howardsmithlaw .com.
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