SAN DIEGO, June 22, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in Sears Holdings Corp (Nasdaq: SHLD ) shares against the CEO and certain directors of Sears Holdings over alleged breaches of fiduciary duties in connection with the company’s plan to sell of its prime real estate holdings to a trust at the expense of shareholders while benefiting the CEO.
Investors who purchased shares of Sears Holdings Corp (Nasdaq: SHLD ) long-term and continue to hold any of those (Nasdaq: SHLD ) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779-1554.
The plaintiff alleges that Sears Holdings’ CEO Edward Lampert, who has been the CEO of Sears Holdings Corp since 2013, has a 53 percent interest in Sears Holdings Corp and that Lampert's control of Sears Holdings Corp has been a complete disaster and has only led to an increased debt load. More specifically, the plaintiff says that with defendant Edward Lampert as chairman, Sears Holdings Corp has gone through four CEOs, severely underinvested in its stores, experienced same-store sales declines for six straight years and, by 2012, saw annual losses near $1 billion in cash reserves dwindle to their lowest levels ever.
The plaintiff claims that Sears Holdings CEO Edward Lamperts is divesting Sears Holdings Corp through an allegedly unlawful transaction that siphons off its last remaining assets while keeping investors in the dark about the process. The plaintiff says the company’s attempt to sell off its prime real estate holdings to a trust would strip Sears Holdings Corp of one of its last remaining valuable assets, leaving it as a debt-laden, money-losing renter in its own stores with a $150 million per year rental load for the 254 stores that would have to be paid to Seritage Growth Properties, another company Lampert controls. The plaintiff alleges that given the struggling retailers financial situation its non-controlling stockholders are therefore left with a stark choice of either to participate in the opaque rights offering and pay more to retain an interest in assets they already own, or to not participate and lose ownership of the company's last remaining large, monetized asset.
Those who currently hold long-term Sears Holdings Corp (Nasdaq: SHLD ) shares should contact the Shareholders Foundation, Inc at mail@shareholdersfoundation.com or call +1(858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
