Shares of CBL & Associates Properties Inc. rose nearly 5 percent Monday after it said an independent investigation confirmed allegations regarding its procedures with respect to four loans were “false and unwarranted.”
Also, the Chattanooga-based shopping mall operator said the Department of Justice is not conducting an investigation of CBL.
The company’s stock closed Monday at $13.18, up 62 cents, or 4.94 percent, on the New York Stock Exchange.
Earlier this summer, CBL’s shares fell on the news of a Securities and Exchange Commission probe, with an adjusted close of $9.10 on June 28. But the company’s stock price has since rebounded to its highest mark since closing at $13.33 per share on Dec. 1, 2015.
The owner of Hamilton Place and Northgate malls said Monday the independent investigation found information concerning leases and revenue, provided to lenders in connection with the four loans, and the accounting for the leases for properties securing the loans were accurate in all material respects.