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.
December 24, 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 the other directors of Primedia based on allegations that KKR controls Primedia and looted Primedia's assets to fund an early 100% redemption of preferred stock that KKR and its investment vehicles had bought for just pennies on the dollar.