|
| [January 14, 2013] |
 |
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against CommonWealth REIT
LOS ANGELES --(Business Wire)--
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has
been filed in the United States District Court for the District of
Massachusetts on behalf of a class (the "Class") comprising all
purchasers of the common shares of CommonWealth REIT ("CommonWealth" or
the "Company") (NYSE:CWH) between January 10, 2012 and August 8, 2012,
inclusive (the "Class Period").
CommonWealth is a real estate investment trust, whose primary business
is the ownership and operation of real estate, including office and
industrial buildings and leased industrial land. The Complaint alleges
that throughout the Class Period the defendants issued materially false
and misleading statements regarding the Company's business and financial
performance and prospects. Specifically, defendants misrepresented
and/or failed to disclose that: (1) the Company was experiencing
softness in the leasing market as the number of leased office spaces,
especially in the Company's suburban office segment, was below internal
expectation; (2) existing tenants were demanding and receiving
significant concessions, which was further eroding the Company's rental
income; and (3) as a result of the foregoing, Defendants lacked a
reasonable basis for their positive statements about the Company's
leverage ratio, occupancy rate and dividend payout.
On August 8, 2012, the Company announced its financial results for
second quarter 2012, and subsequently disclosed that CommonWealth's
occupancy rate fell from 84.8% on March 31 to 84.5% as of June 30, and
that the Company would likely reduce its dividend because, among other
things, the Company's cash available for distribution payout ratio had
increased to 108%. Following this news, CommonWealth common shares fell
$1.57 per share, or 9%, on unusually heavy trading volume, and continued
to decline over the next two trading days to a closing price of $15.67
per share on August 10, 2012.
If you are a member of the above-described Class, you may move the
Court, no later than February 25, 2013 to serve as lead plaintiff;
however, you must meet certain legal requirements. If you wish to learn
more about this action or have any questions concerning this Notice or
your rights or interests with respect to these matters, please contact
Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, by telephone at
310-201-9150 or Toll Free at 888-773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

[ Back To Technology News's Homepage ]
|