Shareholders Lose Bid To Block $270M Costa Sale

Law360, Los Angeles (January 22, 2014, 7:05 PM EST) -- A Rhode Island federal judge on Wednesday shut down a group of shareholders’ bid to block the sale of sports sunglasses maker Costa Inc. to a French competitor for $270 million, finding the shareholders hadn’t sufficiently shown they would suffer irreparable harm if a vote to approve the sale went forward.

U.S. District Judge John J. McConnell Jr. denied the shareholders’ motion for a temporary restraining order barring the company from holding a shareholder vote on Jan. 30 to decide whether to move forward with the...
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