Harman's $28.3M Deal Gets Initial OK In Stock Drop Suit

By Cara Mannion (May 12, 2017, 2:05 PM EDT) -- A D.C. federal court on Thursday granted preliminary approval to Harman International Industries Inc.'s $28.25 million settlement that would resolve a decadelong shareholder suit alleging the automotive technology company inflated its stock price ahead of an ultimately failed private equity merger.

U.S. District Judge Rudolph Contreras gave an initial green light to the all-cash deal, which would end longstanding investor claims that Harman had misrepresented the sales of certain products in the run-up to a planned, $8 billion acquisition by Kohlberg Kravis Roberts & Co. LP and a Goldman Sachs & Co. affiliate. 

Judge Contreras will hold a settlement hearing on...

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