Renewable Energy Co. Execs Settle Investor Suit For $2M
Law360 (May 24, 2019, 7:01 PM EDT) -- The top executives of the since-liquidated renewable energy company Rentech Inc. have agreed to settle investors’ claims that they made the highly leveraged company appear stable when it was actually facing default.
Former CEO Keith Forman and former Chief Financial Officer Jeffrey Spain will pay $2.05 million to resolve the proposed securities class action alleging they filed inaccurate financial reports and lied about the stability of Rentech’s wood chipping division as well as its success in bringing its wood-pellet plants online.
A fourth amended complaint was filed in the case in December, roughly a year after Rentech filed for Chapter 11...
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