San Diego, March 07, 2012 (Shareholders Foundation) -- An investor in Public Storage Partners, Ltd. filed a lawsuit over the acquisition of Public Storage Partners Ltd, Public Storage Partners II Ltd. Public Storage Properties Ltd, Public Storage Properties IV Ltd., and Public Storage Properties V Ltd by Public Storage.
The plaintiff alleges that the prices paid by Public Storage to the Limited Partners were unfair and failed to fully reflect the value of the assets owned by the Public Storage Partners Ltd , Public Storage Partners II, Public Storage Properties Ltd, Public Storage Properties IV Ltd., and Public Storage Properties V Ltd.

The plaintiff claims that Defendant B. Wayne Hughes is the chairman of Public Storage and, together with members of his family, owns 16.7% of the common shares of Public Storage. He was also was a general partner in Public Storage Properties, Ltd., Public Storage Properties IV, Ltd and Public Storage Properties V, Ltd.

On or about July 19, 2011, Defendants informed the Limited Partners that Public Storage would be acquiring the Partnerships' assets, without a meeting or vote of the investors, so the lawsuit.

The plaintiff says that Defendants had a fiduciary duty to the Limited Partners to obtain the best price for the Partnerships' assets, but failed to solicit any offers and that investors in those partnerships were given neither an opportunity to vote on the Transaction nor any opportunity to seek an appraisal remedy. Instead, so the plaintiff, the only choice the investors received was whether to take their consideration in the form of cash or Public Storage common stock.