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* CBL & Associates Properties Inc. says SEC plans no action against company * CBL shares rise after probe finds no impropriety regarding loans* CBL & Associates Properties Inc. says independent investigation finds no wrongdoing* CBL & Associates Properties Inc. confirm SEC probe; shares fall
The Securities and Exchange Commission doesn’t intend to recommend an enforcement action against CBL & Associates Properties Inc. related to the company’s procedures concerning four loans, the shopping center operator said Tuesday.
In a statement, the SEC said “We have concluded the investigation as to CBL & Associates Properties Inc. in the above referenced matter. Based on the information we have as of this date, we do not intend to recommend an enforcement action by the commission against CBL.”
Chattanooga-based CBL said Monday that an independent investigation it commissioned found no wrongdoing.
Shares of CBL rose nearly 5 percent on Monday, but fell 2.5 percent on Tuesday. Shares closed at $12.85, down 33 cents, on the New York Stock Exchange. Still, that’s much improved over the adjusted close of $9.10 per share on June 28.