Shares of CommonWealth jumped 54 percent on Feb. 26, the most since at least 1986, after Corvex and Related challenged the offering. The stock yesterday fell almost 8 percent to $22.51 at the close in New York.
Corvex and Related also said in the filing they may try to replace members of the board, including CommonWealth President Adam Portnoy and his father, Chairman Barry Portnoy, if the REIT proceeded with the share sale.
CommonWealth owns downtown and suburban office buildings and industrial properties in U.S. cities including Chicago, Denver and Philadelphia.
The case is Corvex v. CommonWealth REIT, Circuit Court for Baltimore City (Maryland).