Raydon Sued Over Employee Plan's $60.5M Share Buy

Law360 (December 6, 2018, 8:55 PM EST) -- Raydon Corp. and two of its executives were hit with a proposed Employee Retirement Income Security Act class action in Florida federal court Thursday, alleging that they wrongly let an employee stock ownership plan purchase all of the government contractor's stock for the inflated price of $60.5 million.

Stephanie Woznicki, a participant in the plan, said in her complaint that CEO Donald K. Ariel and COO David P. Donovan failed to disclose material information to an employee stock ownership plan's trustee when they sold the Raydon shares to the plan in September 2015. Additionally, the trustee, Lubbock National Bank, failed to do its proper...

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