Kaydon Faces Shareholder Suit Over $1.25B Sale To SKF

Law360, New York (October 8, 2013, 2:10 PM EDT) -- A shareholder of Michigan ball bearings maker Kaydon Corp. filed a putative class action against the company and its directors in federal court Monday, claiming its $1.25 billion sale to Sweden's SKF AB drastically undervalued the company and was potentially a breach of fiduciary duty.

Named plaintiff Christopher Francis claimed in the suit filed in the Eastern District of Michigan that Kaydon and its senior management, led by president and CEO James O'Leary, agreed to a $35.50 per-share price that lowballed the auto parts maker. Francis...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Francis v. Kaydon Corporation et al


Case Number

2:13-cv-14258

Court

Michigan Eastern

Nature of Suit

850(Securities/Commodities)

Judge

District Judge Mark A. Goldsmith

Date Filed

October 7, 2013

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.