6D Global Settlement In Stock-Manipulation Suit Axed

Law360 (May 18, 2018, 3:39 PM EDT) -- A New York federal judge rejected a proposed shareholder derivative settlement with 6D Global Technologies Inc. on Thursday, dubbing the planned corporate reforms lackluster in their attempt to end claims that the digital marketing company was complicit in allowing its share price to be manipulated by a private equity firm's CEO.

U.S. District Judge Robert W. Sweet — who stamped the settlement with initial approval in November — sided with objectors who had argued the corporate governance reforms were a useless fix and wanted the entire suit tossed, finding the deal fell short of providing a substantial benefit for 6D Global....

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