SOURCE: Izard Nobel LLP

November 04, 2008 18:05 ET

Izard Nobel LLP Announces Class Action Lawsuit Against General Growth Properties, Inc.

HARTFORD, CT--(Marketwire - November 4, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of those who purchased the common stock of General Growth Properties, Inc. ("General Growth" or the "Company") (NYSE: GGP) between April 30, 2008 and October 26, 2008 (the "Class Period").

The Complaint charges that General Growth and certain of its officers and directors violated federal securities laws. 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 and its Chief Financial Officer had received loans from the Chief Executive Officer's family trust in violation of the Company's Code of Business Conduct and Ethics.

On September 22, 2008, General Growth 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 news, General Growth's stock fell from $21.42 on September 19, 2008 to less than $2.00 per share on October 27, 2008.

If you are a member of the class, you may, no later than December 30, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com, or visit our website: www.izardnobel.com.

Contact Information