Harman Int'l Settles Stock Drop Saga For $28.3M

Law360, New York (April 19, 2017, 4:19 PM EDT) -- Harman International Industries Inc. agreed Wednesday to pay $28.25 million to settle shareholder allegations that the automotive technology company inflated its stock price ahead of an ultimately failed private equity merger, putting an end to the litigation after nearly a decade.

The all-cash deal, filed Wednesday in D.C. federal court, will settle investors’ claims that Harman misrepresented the strength of sales for certain products in the run-up to a planned, $8 billion acquisition by Kohlberg Kravis Roberts & Co. LP and a Goldman Sachs & Co....
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