SEARS INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Sears Holdings Corporation Following Disclosure of $400 Million Short Term Loan with CEO’s Affiliated Company
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Sears Holdings Corporation (NMS: SHLD).
On September 15, 2014, Sears disclosed that the Company had entered into a $400 million secured short-term loan with affiliates of Sears CEO Edward Lampert and his hedge fund, ESL Investments (“ESL”). Lampert is the sole stockholder of ESL Investments, which controls more than 24.8% of Sears’s common stock, while Lampert himself controls an additional 23.7% of Sears’s common stock. The loan is secured by 25 undisclosed Sears properties as collateral, and gives Lampert the option to swap out less valuable stores.
On this news, the price of Sears’s shares plummeted by over 11%.
KSF’s investigation is focusing on whether Sears and/or its officers and directors violated state or federal securities laws.
If you are a Sears shareholder that has suffered losses related to your investment or have information that would assist KSF in its investigation, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York, California and Louisiana. KSF’s lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
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