Investors are intensifying their pressure to head off a planned stock sale by CommonWealth REIT, a Newton-based real estate investment trust.
The Delaware County Public Employees Retirement Fund, a public pension fund, is seeking a temporary restraining order enjoying CommonWealth’s board from proceeding with the planned public offering.
A hearing is slated for today in U.S. District Court in Boston.
Other shareholders have also filed suit in federal court in Boston to block the planned sale of up to 30 million shares of the real estate investment trust’s common stock.
The Delaware retirement fund suit accuses the management of CommonWealth REIT, which owns and operates office and industrial buildings and land worth nearly $7 billion, of management abuse and self-dealing.
CommonWealth REIT Co-Founder Barry Portnoy and his son, Adam Portnoy, transferred the company’s best properties and assets to other REITs they formed, the suit alleges.





