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If you purchased shares of Hudson Pacific Properties Inc (NYSE:HPP) and currently hold any of those NYSE:HPP shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
February 03, 2015 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Hudson Pacific Properties Inc (NYSE:HPP) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Hudson Pacific Properties.
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 Companys 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.
