Costa Hit With Shareholder Suit Over $270M Sale To Essilor

Law360, New York (November 20, 2013, 4:33 PM EST) -- Costa Inc. was hit with a proposed class action in Rhode Island federal court on Wednesday, in which a shareholder alleges the extreme-sport sunglass lens maker undervalued its worth in its $270 million sale to eyeglass giant Essilor International SA announced earlier this month.

Shareholder Scott Phillips said Costa’s growing sunglass lens manufacturing business should have come with a heftier price tag. The company and its board of directors, he alleges, timed the sale with the successful divestiture of Costa’s failing writing instrument business, Cross Accessory...
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