NEW YORK, May 27, 2021 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Washington Prime Group, Inc. (“Washington Prime” or “WPG”) (NYSE: WPG) in the United States District Court for the Southern District of Ohio on behalf of those who purchased or otherwise acquired publicly traded Washington Prime securities between November 5, 2020 and March 4, 2021, inclusive (the “Class Period”).
All investors who purchased shares of Washington Prime Group, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in your investment in shares of Washington Prime Group, Inc., you may, no later than July 23, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Washington Prime Group, Inc.
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On February 16, 2021, WPG 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.’” The Company 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.”
On this news, the Company’s stock price fell $4.59, or 38%, to close at $7.49 per share on February 16, 2021, on unusually heavy volume.
Then, on March 4, 2021, Bloomberg reported that WPG “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.”
On this news, the Company’s stock price fell $3.77, or 60%, to close at $2.51 per share on March 4, 2021, on unusually heavy volume.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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