Animal Health Co. Investors Nab $35M Deal Over Spinoff

By Katryna Perera (May 10, 2022, 6:46 PM EDT) -- A proposed class of investors moved Monday for approval of a $35 million settlement, which would resolve claims that animal health products provider Covetrus Inc. and its executives produced materially false and misleading offering documents in a 2019 spinoff and subsequent merger.

The proposed class, represented by lead plaintiffs the City of Hollywood Police Officers Retirement System and Pembroke Pines Pension Fund for Firefighters and Police Officers, filed their motion for preliminary approval of the all-cash deal and a supporting memorandum in New York federal court.

According to the memo, the settlement provides an "outstanding" recovery for class members — up to...

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