Howard Hughes Investors Sue In Del. For Stock Deal Records
Law360 (September 24, 2020, 10:00 PM EDT) -- Real estate investment and development giant Howard Hughes Corp. was hit with a Chancery Court stockholder suit late Wednesday for access to records on the company's $594 million common stock offering in March, with investors citing concerns about lopsided insider benefits.
The suit filed by Sheet Metal Workers Local No. 29 Pension Fund, which holds Howard Hughes stock, focused on questions regarding hedge fund Pershing Square Capital Management LP's participation in the offering, as well the role played by William A. Ackman, who is on Howard Hughes' board and the founder and CEO of Pershing Square.
In the complaint, attorneys for...
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