CASESMestek, Inc. Class Action for Self-Dealing and Breach of Fiduciary Duty
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Mestek, Inc. (NYSE: MCC) challenging a going-dark transaction to cash-out certain shareholders and delist the Company's shares from the New York Stock Exchange, based on allegations that the shareholder vote on the transaction disenfranchised public shareholders because the vote was already locked-up by the Company's controlling shareholder.
Gardy & Notis, LLP achieved a settlement of the case whereby the transaction would be subject to an unwaivable majority of the minority vote condition, thereby providing shareholders with a real say in approval of the transaction.
The case is Kahn v. Reed, Civil No. 06-350, Massachusetts Superior Court, Hampden County.
For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.