NEWPORT BEACH, Calif., March 19 /PRNewswire/ --
Pacific Gulf Properties Inc. (NYSE: PAG) announced that a purported class
action suit has been commenced against Pacific Gulf and its directors in the
Superior Court of the State of California, County of Orange. The lawsuit,
filed on behalf of the plaintiff by Milberg Weiss Bershad Hynes & Lerach,
alleges that the Company's directors breached their fiduciary duties by
approving the recently announced merger agreement with FountainGlen Properties
LLC for inadequate merger consideration and seeks to enjoin the merger.
Pacific Gulf and its directors deny the allegations set forth in the
complaint and intend to defend themselves vigorously against this lawsuit.
The Board of Directors continues to believe that the proposed merger with
FountainGlen Properties LLC is in the best interests of Pacific Gulf and its
shareholders. Additional information regarding the transaction will be set
forth in the Company's proxy statement to be filed with the Securities and
Commission.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
currently is in the process of liquidating its assets. The Company is
headquartered in Newport Beach, California.
Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934. Such statements relating to the matters discussed
herein are not guarantees of future performance and are necessarily subject to
risks and uncertainties, some of which are significant in scope and nature.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
Company News On-Call:
http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties, 949-223-5000
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