Shareholders Fight $192M LaBranche Sale To Cowen

Law360, New York (February 23, 2011, 8:41 PM EST) -- A pair of LaBranche & Co. Inc. shareholders Tuesday lodged a putative class action against the market maker to block its $192 million sale to Cowen Group Inc., alleging the deal undervalued LaBranche.

The shareholders, Stanley and Barbara Moskal, claim the all-stock merger was designed to maximize benefits for the companies’ executives while bringing little to investors, according to a complaint filed in the Supreme Court of the State of New York, County of New York.

In addition to LaBranche, the complaint names as defendants Cowen,...
To view the full article, register now.