Granted class action certification and achieved settlement
Recently litigated separately filed Securities and ERISA class actions filed on behalf of employee shareholders, we were granted class action certification and achieved multi-million dollar settlement for our client. The company set an internal stock price which did not reflect the value of the stock when the Board of Directors knew the company was being positioned to be sold. When the company was sold for more than twice the stock price set by the Board, the employees who sold their stock during the pendency of the sale were not reimbursed the difference and sued to recover.
