LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber 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 was below internal expectations, especially in the Company’s suburban office segment; (2) existing tenants were demanding and receiving significant concessions, which was further eroding the Company’s rental income; and (3) as a result, 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 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.
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. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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