Law Offices of Howard G. Smith Announces Investigation of CommonWealth REIT
03 Janeiro 2013 - 10:30PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against CommonWealth REIT
(“CommonWealth” or the “Company”) (NYSE:CWH) concerning possible
violations of federal securities laws. 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 investigation is related
to allegations that certain statements issued by CommonWealth
between January 10, 2012 and August 8, 2012 were false and
misleading concerning the Company’s business and financial
prospects.
Specifically, the investigation concerns allegations that the
Company misrepresented or failed to disclose that: (1) CommonWealth
was experiencing softness in the leasing market as the number of
leased office spaces was below internal expectations, especially in
the suburban office segment; (2) concessions granted to existing
tenants were further eroding the Company’s rental income; and (3)
as a result of the foregoing, there was no reasonable basis for the
Company’s positive statements about CommonWealth’s leverage ratio,
occupancy rate and dividend payout.
On August 8, 2012 CommonWealth announced it would likely reduce
its dividend because, among other things, the Company’s cash
available for distribution payout ratio had increased to 108%. In
addition, the Company disclosed a decline in its occupancy rate,
from 84.8% in March 2012 to 84.5% as of June 30, 2012. Following
this news, CommonWealth common shares fell 9%, or $1.57 per share,
to close at $16.48 per share on August 8, 2012.
If you purchased CommonWealth shares between January 10, 2012
and August 8, 2012, if you have information or would like to learn
more about these claims, or if you wish to discuss these matters or
have any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Howard G.
Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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