With intensifying legal challenges and the looming class action lawsuit deadline, Seritage Growth Properties (SRG) is facing significant investor anxieties that will likely cause more downward pressure on its stock. Shorting SRG could capitalize on the expected volatility and further declines as the legal troubles unfold.

Here is the revised thesis incorporating the purchase of SRG call options instead of shares:nnGiven the multiple class-action lawsuits against SRG for financial reporting deficiencies, there is an expected heightened volatility and downward pressure on their stock. However, this scenario also creates potential opportunities for significant price swings. By buying SRG call options, we can capitalize on the possibility of a sharp rebound in the stock price if the company successfully addresses the lawsuits or if the market overreacts to the negative news. This strategy leverages the potential for high returns with limited risk compared to buying the shares outright.

Given the multiple class action lawsuits against Seritage Growth Properties and the potential for further financial scrutiny, I anticipate significant downward pressure on SRG's stock. Instead of buying shares, we are opting to buy SRG call options. This makes it a prime candidate for a bearish options play.