Sonoco Gets OK On $13M Class Stock Drop Settlement

Law360, Los Angeles (May 1, 2012, 8:25 PM EDT) -- A South Carolina federal judge on Tuesday preliminarily approved Sonoco Products Co.'s $13 million settlement with a class of shareholders who accused the products packaging giant of misleading investors about its finances, hiding customer price concessions that cut profits and sent its stock price tumbling.

U.S. District Judge Terry L. Wooten granted preliminary approval to the settlement on Tuesday, saying he will hold a hearing in September to decide whether the settlement with investors who purchased Sonoco stock between Feb. 7, 2007, and Sept. 18, 2007,...
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