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Shareholders Fight $192M LaBranche Sale To Cowen

Law360 (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,...
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