March 09, 2015
Gardy & Notis, LLP has been appointed by the Court as lead counsel for former stockholders of Primedia, Inc. challenging the merger of Primedia with affiliates of TPG Capital L.P. The case alleges that Kolberg Kravis Roberts & Co. L.P. and other Primedia insiders agreed to sell Primedia to another private equity firm, TPG Capital L.P., for an unfair price of $7.10 per share. The $7.10 per share merger price was recommended by an independent committee of Primedia's board of directors and approved by the full board. Plaintiff alleged that the merger price failed to reflect the value of derivative claims seeking disgorgement of KKR's insider profits from trades in Primedia securities at depressed prices.
January 29, 2015
Gardy & Notis, LLP is co-lead counsel for bondholders who own 6.50% Senior Notes due 2016 issued by Caesars Entertainment Operating Corporation (CEOC) and guaranteed by Caesars Entertainment Corporation (CEC).The 2016 Senior Notes were issued by CEOC pursuant to a June 9, 2006 indenture.The complaint alleges that CEOC and CEC violated the Trust Indenture Act of 1939, 15 U.S.C. §§77aaa, et seq., breached the 2016 indenture and the covenant of good faith and fair dealing when CEOC and CEC entered into a transaction to release CEC from its guarantee obligation on the 2016 Senior Notes as part of a scheme to protect CEC and its private equity sponsors ahead of a planned bankruptcy for CEOC.
January 14, 2013
On January 4, 2013, the United States Court of Appeals for the First Circuit reinstated shareholder derivative claims filed by Gardy & Notis, LLP in the United States District Court for the District of Puerto Rico relating to UBS closed-end funds in Puerto Rico, including: Puerto Rico Fixed Income Fund II, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund IV, Inc., and the Tax-Free Puerto Rico Fund II, Inc.
January 07, 2013
Gardy & Notis, LLP has been appointed by the Court as lead counsel for holders of the limited partnership interest in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage, L.P. The case sought to recoup damages for breaches of fiduciary duty and/or aiding and abetting breaches of fiduciary duty against Bear Stearns Asset Management Inc., The Bear Stearns Companies Inc., Bear, Stearns & Co. Inc., and the directors and portfolio managers of the fund during the period beginning on August 1, 2006 (when the fund started) and concluding on July 18, 2007 (when the fund collapsed). The case alleged that defendants breached their fiduciary duty to the fund by permitting investments inconsistent with the terms of the fund's governing documents, failing adequately to analyze and assess the credit risks of investments, assigning inflated values to assets of the fund, and permitting principal trades with related entities without required approvals by independent directors.
February 13, 2012
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Value Line, Inc. (NASDAQ: VALUE) seeking to recoup damages against Value Line's controlling shareholder and certain of its former officers based on allegations of a scheme where certain Value Line mutual funds were overcharged brokerage commissions. Value Line agreed to consent order with the SEC to disgorge the commissions and pay penalties and interest to the SEC. Along with the attorney's fees paid to defend the SEC action, the damages attributable to the 13.5% of Value Line common stock not owned by the controlling shareholder was approximately $3.36 million.
December 29, 2011
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of The Student Loan Corporation (NYSE: STU) challenging a series of conflicted proposed transactions through which Citibank, N.A. -- Student Loan's controlling shareholder with 80% of Student Loan's common stock -- engineered a breakup of Student Loan's assets to rid itself of non-core banking assets at the expense of Student Loan's public shareholders.
December 28, 2011
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of Primedia, Inc. (NYSE: PRM) seeking to recoup damages against Kolberg Kravis Roberts & Co. L.P., Henry R. Kravis, and other Primedia insiders based on allegations that KKR controls Primedia and used Primedia's inside information to buy Primedia securities at depressed prices and achieve roughly $150 million in insider trading profits.
December 27, 2011
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of TravelCenters of America LLC (AMEX: TA) seeking to recoup damages against Barry Portnoy and the other directors of TravelCenters based on allegations that the board approved the company's acquisition of Petro Stopping Centers on terms that provided for TravelCenters to pay above-market rent to another Portnoy-created entity, Hospitality Properties Trust (NYSE: HPT). TravelCenters and Hospitality Properties Trust are part of a web of interrelated entities formed by Portnoy and managed and run through Portnoy's privately held company, Reit Management & Research, LLC.
December 26, 2011
Lead counsel Gardy & Notis, LLP is pleased to announce that a record settlement has been reached in the shareholder derivative lawsuit on behalf of UnitedHealth Group Inc. (NYSE: UNH) in an action titled In re UnitedHealth Group Inc. Derivative Litigation, Case No. 27-CV-06-8085, in the Minnesota District Court for Hennepin County before Judge George F. McGunnigle. The derivative action named various current and former officers and directors as defendants in connection with what to date is the largest backdating options scheme.
December 25, 2011
Gardy & Notis, LLP has been appointed by the Court as lead counsel for shareholders of The Topps Company, Inc. (NASDAQ: TOPP) seeking to prevent the management supported buyout of Topps by an investor group lead by former Disney CEO Michael Eisner, based on allegations that Eisner's $9.75 offer to public shareholders (already agreed to Topps' CEO and a majority of its board of directors) is an unfair price and the result of an unfair sales process.
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