Restoration Hardware To Pay $50M To End Investors' Suit
Law360 (May 7, 2019, 5:27 PM EDT) -- Restoration Hardware has struck a $50 million deal with a certified class of investors who claim the retailer overstated the success of one of its luxury home furnishing collections, causing shareholders to lose more than $3 billion, according to documents filed in California federal court Monday.
Under the deal, class members will receive a pro rata share of the settlement fund depending on when they bought and sold Restoration Hardware Inc. stock, according to a motion for preliminary settlement approval. Meanwhile, class counsel will seek $7.5 million in attorney fees, or 15% of the total settlement, and no more than $950,000 to...
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