Glancy Binkow & Goldberg LLP Announces Investigation of CommonWealth REIT
08 Janeiro 2013 - 12:15AM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of purchasers of the
common shares of CommonWealth REIT (“CommonWealth” or the
“Company”) (NYSE:CWH) concerning possible violations of federal
securities laws. The investigation focuses on 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.
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 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 Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, by
telephone at (310) 201-9150, 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.
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