The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Washington Prime Group, Inc. (WPG)
THE ANGEL–(BUSINESS WIRE) – Frank R. Cruz law firm is reminding 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”) (NYSE: WPG) securities between November 5, 2020 and March 4, 2021 inclusive (the “Class Period”).
If you are a shareholder who has suffered a loss, click here to participate.
On February 16, 2021, WPG announced that its operating partnership, Washington Prime Group, LP (“WPG LP”), “an interest payment of 23.2 million due February 15, 2021 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 disclose to investors: (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.
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If you purchased or otherwise acquired WPG securities during the class action period, you may motion to the court no later than July 23, 2021 to seek appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer 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 or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at email@example.com or visit our website at www.frankcruzlaw.com. For inquiries by e-mail, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.