Shipping Co. To Settle IPO Case For $2.6M

Law360, New York (December 20, 2006, 12:00 AM EST) -- Shipping company Central Freight Lines Inc. has reached a $2.6 million settlement with its shareholders, bringing an end to class action suit filed immediately after the company went public.

The settlement must still be approved by Judge Walter S. Smith Jr., who is presiding over the case in the U.S. District Court for the Western District of Texas. A hearing on the matter has been scheduled for Feb. 23, 2007.

If approved, the settlement will wrap up a case filed over Central Freight’s 2003 initial public...
To view the full article, register now.