CBL Securities Litigation

Records indicate that you may have purchased or otherwise acquired CBL & Associates Properties, Inc. Common Stock, Preferred Stock, and/or certain CBL Senior Notes during the Period from July 29, 2014, to March 26, 2019. The Notice explains that the Court has allowed, or “certified,” a class in a lawsuit that may affect you. You have legal rights and options that you may exercise. District Judge J. Ronnie Greer of the United States District Court for the Eastern District of Tennessee is overseeing this class action. The case is known as: In re CBL & Associates, Inc. Securities Litigation, No. 1:19-CV-00181.

Individuals have sued CBL & Associates Properties, INC. (“CBL” or the “Company”), along with certain of its current and former officers and directors (“Defendants”), for violation of federal securities laws, alleging that between July 29, 2014, and March 26, 2019 (the “Class Period”), Defendants made misleading statements to the investing public, which allegedly caused the Settlement Class to purchase CBL’s common stock, preferred stock, and senior notes (collectively “securities”) at artificially inflated prices.

The court held the final fairness hearing on August 21, 2023.

The court granted final approval of the Settlement on August 23, 2023.

The securities involved in this litigation include (i) CBL common stock (ISIN No. US1248301004; CUSIP 124830100) (“Common Shares”), and/or (ii) CBL’s 7.375% Series D Cumulative Redeemable Preferred Stock (ISIN No. US1248306052; CUSIP 124830605) (“Series D Preferred Shares”) and/or (iii) CBL’s 6.625% Series E Cumulative Redeemable Preferred Stock (ISIN No. US1248308033; CUSIP 124830803) (“Series E Preferred Shares”, and together with the Series D Preferred Shares, the “Preferred Shares”) and/or (iv) senior unsecured notes issued by CBL in November 2013 that bear interest at 5.25% and mature on December 1, 2023 (ISIN No. US12505JAA16; CUSIP 12505JAA1) (“2023 Senior Notes”), and/or (v) senior unsecured notes issued by CBL in October 2014 that bear interest at 4.60% and mature on October 15, 2024 (ISIN No. US12505JAB98; CUSIP 12505JAB9) (“2024 Senior Notes”), and/or (vi) senior unsecured notes issued by CBL Operating in December 2016 and August 2017 that bear interest at 5.95% and mature on December 15, 2026 (ISIN No. US12505JAD54; CUSIP 12505JAD5) (“2026 Senior Notes” and, collectively, the “Senior Notes”).

Further detail can be found in the Notice here.

In a class action, one or more people or entities called “class representatives” are appointed by the court to sue on behalf of themselves and other persons or entities who have the same or similar claims. The Court has appointed Lead Plaintiffs Jay B. Scolnick, Mark Shaner, Charles D. Hoffman, and HoffInvestCo as Class Representatives. The Class Representatives and those they represent together are called a “class” or “class members.” Those who filed the suit are called “plaintiffs” and those being sued are called “defendants.” The court resolves the issues and claims for all class members, except for those who exclude themselves, or “opt out,” from the Class.

You are a member of the Class if you purchased or otherwise acquired CBL & Associates Properties, Inc. Common Stock, Preferred Stock, and/or certain CBL Senior Notes during the period from July 29, 2014 to March 26, 2019, both dates inclusive.

In this case, the Court appointed attorneys at Pomerantz LLP and Abraham, Fruchter & Twersky, LLP as Lead Counsel to represent you and other Class Members as Lead Counsel.

If you fall within the definition of the Class set forth above, you are a member of the Class. IF YOU WISH TO REMAIN A CLASS MEMBER, YOU DO NOT NEED TO DO ANYTHING AT THIS TIME. If you stay in the Class and file a timely claim no later than August 14, 2023, you will be permitted to share in any recovery that may be awarded in this Action if you suffered compensable losses, subject to the terms of any plan of allocation that may be approved by the Court. The Proof of Claim (1) must be completed in accordance with the Instructions on the Proof of Claim, (2) must enclose all documentation required by the Instructions, and (3) must be submitted to the Claims Administrator online on the File a Claim page of this website, or postmarked, if mailed on or before August 14, 2023 at the following address:

CBL Securities Litigation
c/o Epiq Class Action & Claims Solutions, Inc.
P.O. Box 2438
Portland, OR 97208-2438

A Proof of Claim will be deemed filed when mailed via first-class mail, sufficient postage prepaid, or the date when filed online. If you decide to stay in the Class, you will also be legally bound by all the determinations, including orders and judgments, that the Court has made or will make in this Action, even if there is no recovery.

If you opt out of the Class (by stating in writing that you do not want to be included in the Class in this Action in accordance with the procedures set forth in the Notice), you will give up the right to participate in any recovery that may be achieved in this Action, but you will keep any rights you may currently have to sue Defendants regarding the legal claims at issue in this lawsuit however, you could be barred from asserting certain claims covered by this lawsuit by the applicable statutes of limitations or repose and should consult with a lawyer to determine whether any claims you wish to pursue are timely. If you opt out of the Class, you will also not be bound by the Court’s determinations and will no longer be represented by Class Counsel.

To exclude yourself from the Class, you must send a letter by mail saying that you want to be excluded from the Class in the following action: In re CBL & Associates, Inc. Securities Litigation, No. 1:19-CV-00181. Be sure to include your name, address, email address, and telephone number, and sign the letter. Exclusion requests must also state the date, price, and number of shares of CBL securities you acquired. (You must also maintain your transaction records, as you may be requested to submit them later.) Your exclusion request must be received no later than July 31, 2023, and sent to the Claims Administrator at:

CBL Securities Litigation – Exclusions
c/o Epiq Class Action & Claims Solutions, Inc.
P.O. Box 2438
Portland, OR 97208-2438

You cannot exclude yourself by phone or by email. If you make a proper request for exclusion, you will not be legally bound by anything that happens in this Action.

Important documents in the case have been posted on the Important Documents page of this website.

The Notice contains a summary of the Action and proceedings to date, including your rights as a potential Class Member. Complete copies of public pleadings, Court rulings, and other filings are available for review and copying, during business hours, at the United State District Court for Eastern District of Tennessee, James H. Quillen United States Courthouse, 220 West Depot Street, Greenville, Tennessee 37743. Additional information may be obtained by contacting the Claims Administrator at CBL Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2438, Portland, OR 97208-2438, tel. 1-888-296-0616.

Please do not contact the Court, the Clerk of the Court, Defendants, or Defendants’ Counsel for additional information. They cannot answer any questions or discuss the Action.

Inquiries regarding this litigation may be addressed to the following Class Counsel:

If the Notice was mailed to you at an old address, or if you move, please advise the Claims Administrator of your current address so that you can receive any future notice and/or Proof of Claim forms at CBL Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2438, Portland, OR 97208-2438, tel. 1-888-296-0616. If you are not a Class Member, you may discard the Notice.

You do not need to hire your own lawyer. However, you are free to hire your own lawyer at your own expense. If you hire a lawyer to speak for you or to appear in Court, your lawyer must file a Notice of Appearance.

If a recovery is obtained for the Class, Class Counsel will submit an application to the Court for an award of attorneys’ fees and for reimbursement of litigation expenses that Plaintiffs’ counsel has incurred in pursuing the Action. Class Counsel may also ask the Court to approve a reasonable service award for the Class Representatives or other plaintiffs who assisted in prosecuting the Action. If approved, any such attorneys’ fees, expenses, or awards will either be paid from the recovery obtained for the Class or separately by Defendants. Class Members will not be liable for any such fees, expenses, or awards.

There are some people and entities that are excluded from the Class by definition. The excluded persons and entities are:

1. each Defendant in the Action;
2. immediate family members of the Individual Defendants;
3. officers and directors of CBL; and
4. any entity in which and Defendant has or had a controlling interest.

Also excluded from the Class will be any persons and entities who timely and validly seek exclusion from the Class in accordance with the requirements set forth in the Notice.

The Class Representatives seek to recover money to compensate members of the Class (the “Class Members”) for the losses they allegedly suffered, as well as pre-judgment and post-judgment interest.

The $17,500,000 Settlement Amount and any interest earned thereon shall be the Settlement Fund. The Settlement Fund less taxes, approved costs, fees and expenses (the “Net Settlement Fund”) shall be distributed to members of the Settlement Class who submit valid Proofs of Claim (“Authorized Claimants”).