Newton-based CommonWealth REIT has sold $670 million worth of stock, completing a controversial transaction which sparked at lawsuit from some of its own shareholders. The final tally was slightly over the firm’s initial $665 projection.  

The stock offering had attracted the ire of several of CommonWealth’s shareholders, who alleged the sale was being used to allow CommonWealth’s founder, Barry Portnoy, and his son, Adam, the president of CommonWealth, to consolidate control of the company and block an attempt by shareholders to have them removed. A suit against CommonWealth and the Portnoys is ongoing.

CommonWealth REIT Finalizes Controversial Stock Sale

by Banker & Tradesman time to read: <1 min
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