CASESValue Line, Inc. Derivative Litigation for Self-Dealing and Corporate Waste
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.
Gardy & Notis, LLP achieved a settlement whereby the controlling shareholder would pay $2.9 million to a settlement fund for the sole benefit of Value Line's 13.5% shareholders, representing a recovery for the minority shareholders of more than 85% of the maximum amount of monetary damages recoverable if shareholders were successful at trial and on appeal.
The case is Kahn v. Buttner, Index No. 650320/2008, in the Supreme Court of the State of New York, New York County.
For more information regarding the lawsuit or to obtain a copy of the complaint or any Court filings, please contact us.