STEVENSON, Md., Jan. 4, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of CommonWealth REIT ("CommonWealth" or the "Company") (NYSE:CWH) common stock during the period between January 10, 2012 and August 8, 2012, inclusive (the "Class Period").
If you have suffered a net loss from investment in CommonWealth REIT common stock purchased on or after January 10, 2012, and held through August 8, 2012, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 25, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the number of leased office spaces, especially in the Company's suburban office segment, was below internal expectations, and that existing tenants were receiving significant concessions, further eroding the Company's rental income. According to the Complaint, following CommonWealth's August 8, 2012 disclosure that the Company would likely reduce its dividend because the Company's cash available for distribution payout ratio had increased to 108% and that the Company's occupancy rate had fallen, the value of CommonWealth shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation