STEVENSON, Md., July 27, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, notifies investors that a class action lawsuit has been commenced in the Circuit Court for Baltimore City on behalf of all common stockholders of LaSalle Hotel Properties (: LHO) (“LaSalle” or the “Company”) opposing the proposed acquisition of LaSalle by affiliates of Blackstone Real Estate Partners VIII.
According to the complaint, the action stems from the Company’s plan to sell to Blackstone Group, alleging the deal would bring less value than an alternate proposal from fellow REIT Pebblebrook Hotel Trust.
The Complaint alleges that LaSalle CEO Michael Barnello steered the company toward the Blackstone deal rather than the Pebblebrook proposal (a stock-and-cash offer valued at $37.80 per share on May 19) because Barnello stood to receive a substantial golden parachute payment under that agreement but not as part of the Pebblebrook deal.
If you currently own common stock of LaSalle and would like to learn more about this lawsuit and your ability to participate as a plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/casesandinvestigations.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
[email protected]
