The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Hudson Pacific Properties Inc (NYSE:HPP) shares was initiated over potential breaches of fiduciary duties by certain officers and directors at Hudson Pacific Properties.
Investors who purchased shares of Hudson Pacific Properties Inc (NYSE:HPP) and currently hold any of those NYSE:HPP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Hudson Pacific Properties officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On December 8, 2014, the Hudson Pacific Properties Inc announced that it has entered into a definitive Asset Purchase Agreement, dated December 6, 2014 (the “Purchase Agreement”), by and among the Company, Hudson Pacific Properties, L.P. (the “Operating Partnership”) and certain affiliates of The Blackstone Group L.P. (collectively, the “Seller Parties”), which has been approved by the Company’s Board of Directors, pursuant to which Hudson Pacific Properties Inc will acquire from the Seller Parties a portfolio of 26 office assets totaling approximately 8.2 million square feet and two development parcels in the San Francisco Peninsula and Silicon Valley in exchange for $1.75 billion in cash and approximately 63.5 million shares of Hudson Pacific Properties Inc common stock and common units of limited partnership interest in the Operating Partnership.
According to the investigation under New York Stock Exchange rules the proposed transaction requires shareholder approval because, as part of the transaction, Hudson Pacific Properties Inc plans to issue shares equaling more than 20% of the total number of shares of its common stock and common units outstanding prior to the issuance and therefore the investigation concerns whether the Board of Hudson Pacific Properties Inc breached their fiduciary duties to stockholders by agreeing to the transaction.
Hudson Pacific Properties Inc reported that its annual Total Revenue rose from $60.64 million in 2010 to $205.56 million in 2013.
Shares of Hudson Pacific Properties Inc (NYSE:HPP) grew from $11.53 per share in October 2011 to as high as $33.12 per share on January 28, 2015.
On February 23, 2015, NYSE:HPP shares closed at $31.55 per share.
Those who purchased shares of Hudson Pacific Properties Inc (NYSE:HPP), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com