Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Washington Prime Group, Inc. (WPG)

Investors with losses exceeding $250,000 are encouraged to contact the firm

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 23, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired 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 suffered a loss on your WPG investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/washington-prime-group-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

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.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that WPG’s financial condition was deteriorating substantially; (2) that, as a result, there was substantial uncertainty about the Company’s ability to meet its capital structure obligations as they became due; and (3) 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.

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If you purchased or otherwise acquired WPG securities during the Class Period, you may move the Court no later than July 23, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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