Dishman Law Office Announces the Settlements of the Lumber Liquidators Securities and Derivative Cases
October 21 2016 - 11:40AM
Business Wire
Dishman Law Office announces the settlements in the securities
and derivative cases filed in the Eastern District of Virginia
against Lumber Liquidators Holdings, Inc. (“Lumber Liquidators” or
“the Company”) (LL), founder, Thomas Sullivan and its directors and
officers have been granted preliminary approval. The final
settlement fairness hearings are scheduled for November 17, 2016 to
determine whether the proposed settlements are fair, reasonable and
adequate and whether negotiated attorneys’ fees should be approved
by the Court.
Persons who purchased or acquired Lumber Liquidators stock
between February 22, 2012, and February 27, 2015 are settlement
class members in the securities action. If the settlement is
approved, after attorneys’ fees sought in the amount of $6.175
million and 237,500 shares of Settlement Stock, settlement class
members in the securities action will only be entitled to recover
approximately $0.67 cash and 0.03 shares of settlement stock per
affected share of stock.
If you are an investor who purchased or acquired and held Lumber
Liquidators common stock between February 22, 2012, and February
27, 2015, and suffered a loss or would like more information, you
may contact Dishman Law at lumberliquidators@dishmanlaw.com to
discuss your options.
The board of directors (the “Board”) of Lumber Liquidators
including the founder, Thomas Sullivan, is a named Defendant in the
derivative and securities actions alleging, among other things,
that the directors and officers of the Company breached their
fiduciary duties in connection with their failure to oversee the
operations of the Company as they relate to the manufacture and
sale of their wood laminate products, as well as the import and
trade of illegally sourced lumber in violation of the Lacey Act.
The securities complaint alleges the unlawful insider selling of
tens of millions of dollars of Lumber Liquidators stock by Sullivan
and other members of the Board during a time when the Company stock
was allegedly inflated due to a failure of the Company and its
management to properly disclose the activities of and accurate
financial information regarding the Company.
A notice has been issued to record holders and beneficiaries as
of July 18, 2016. If the stockholder derivative settlement is
granted final approval, such holders will release Thomas Sullivan,
the Company’s officers and directors and Lumber Liquidators from
any and all further damages and such holders will have no further
recourse. The derivative settlement does not provide any
independent monetary relief to holders. However, the Plaintiffs’
attorneys are seeking five million dollars in attorneys’ fees.
If you are an investor that was a record holder or beneficial
owner of Lumber Liquidators common stock as of July 18, 2016, and
suffered a loss or would like more information, you may contact
Dishman Law at lumberliquidators@dishmanlaw.com to discuss your
options.
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Dishman LawDavid Dishmanlumberliquidators@dishmanlaw.com
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