A lawsuit was filed on behalf of investors in Washington Prime Group Inc. (NYSE: WPG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/09/2021 -- An investor, who purchased NYSE: WPG shares, filed a lawsuit against Washington Prime Group Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Washington Prime Group Inc. (NYSE: WPG) have certain options and for certain investors are short and strict deadlines running. Deadline: July 23, 2021. NYSE: WPG investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Columbus, OH based Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. On February 16, 2021, Washington Prime Group Inc disclosed that its operating partnership, Washington Prime Group, L.P. ("WPG L.P."), had "elected to withhold an interest payment of $23.2 million due on February 15, 2021 with respect to WPG L.P.'s outstanding Senior Notes due 2024," and that "WPG L.P. has a 30-day grace period to make the interest payment before such non-payment constitutes an 'event of default.'" Washington Prime Group Inc further advised that, in an event of default, certain counterparties to the senior notes "could accelerate the outstanding indebtedness due . . . making such indebtedness due and payable, which would result in a cross-default with respect to some of WPG L.P.'s or the Company's other indebtedness."
Then, on March 4, 2021, Bloomberg reported that Washington Prime Group Inc "is preparing a potential bankruptcy filing as time runs out to avert default after it skipped an interest payment on its debt, according to people with knowledge of the plans."
Shares of Washington Prime Group Inc (NYSE: WPG) declined from $16.55 per share on January 27, 2021, to as low as $1.69 per share on March 5, 2021.
The plaintiff claims that between November 5, 2020 and March 4, 2021, the Defendants failed to disclose to investors that Washington Prime Group Inc's financial condition was deteriorating substantially, that, as a result, there was substantial uncertainty about the Company's ability to meet its capital structure obligations as they became due, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Washington Prime Group Inc. (NYSE: WPG) have certain options and should contact the Shareholders Foundation.
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