CommonWealth REIT Shareholder Seeks To Stop Management From Completing Equity Offering And Tender Offer In Motion for a Temporary Restraining Order Filed Today by Chimicles & Tikellis LLP Public pension fund seeks a temporary restraining order enjoining CommonWealth REIT's management from the recently-announced Equity Offering and Tender Offer
BOSTON, March 1, 2013 /PRNewswire/ -- Chimicles & Tikellis LLP, Haverford, PA, and Shapiro Haber & Urmy LLP, Boston, MA, today announced that public pension fund Delaware County Employees Retirement Fund has sought, on behalf of CommonWealth REIT ("CWH"), to enjoin CWH's Board of Trustees, Barry M. Portnoy, Adam D. Portnoy, John C. Popeo, Patrick F. Donelan, William A. Lamkin, Joseph L. Morea, Frederick N. Zeytoonjian, and Reit Management & Research LLC from:
(1) proceeding with the public offering of approximately 34.5 million CWH common shares at $19 per share, pursuant to CWH's February 25, 2013 prospectus, as supplemented and amended ("Equity Offering");
(2) issuing and delivering any and all of the approximately 34.5 million CWH common shares in the Equity Offering; and
(3) repurchasing up to $650 million of CWH's senior notes pursuant to the February 25, 2013 Tender Offer ("Tender Offer").
Plaintiff also seeks expedited discovery in conjunction with Plaintiff's anticipated motion for preliminary injunction that will address the: (a) Equity Offering; (b) Tender Offer; and (c) an oppressive, invalid Arbitration Clause.
The hearing is scheduled to take place at Noon on Monday, March 4, 2013 before the Honorable Denise J. Casper of the U.S. District Court for the District of Massachusetts, where the underlying litigation, Delaware County Retirement Fund v. Portnoy, et.al, C. A. No. 1:13-cv-10405-DJC (USDC D. Mass), is pending.
If you are interested in discussing your rights as a CWH shareholder and/or have information relating to the matter, please contact Plaintiff's counsel. You may also obtain a copy of the Complaint, or learn more about this action, on our websites.
Nicholas E. Chimicles
Kimberly Donaldson Smith (firstname.lastname@example.org)
Catherine Pratsinakis (email@example.com)
CHIMICLES & TIKELLIS LLP
One Haverford Centre
361 West Lancaster Avenue
Haverford, PA 19041
Telephone: (610) 642-8500
Toll Free: (888) 805-7848
Fax: (610) 649-3633
For over 30 years, the Firms have pursued hundreds of securities, consumer and shareholder rights cases and recovered billions of dollars for their clients. The Firms are nationally recognized, and their litigators hold many professional honors and distinctions.
SOURCE Chimicles & Tikellis LLP