Blount Investors Strike $3M Deal In Challenge To $855M Sale
Law360 (July 26, 2019, 6:11 PM EDT) -- A proposed class of investors has asked an Oregon federal court to approve a $3.1 million settlement to resolve allegations that mechanical equipment maker Blount International misled shareholders ahead of its $855 million sale.
The investors asked the court Thursday to approve the unopposed settlement, which includes a 33.3% cut going to lead counsel. The proposed class brought the suit after Blount International Inc. was sold to P2 Capital Partners and American Securities LLC for $885 million in April 2016, alleging that investors were misled by murky financial disclosures.
Thursday’s motion said the deal “provides a meaningful recovery in the face...
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