In re Metrologic Instruments, Inc. Shareholders Litigation
This class action for breach of fiduciary duty challenges the fairness of a merger transaction orchestrated by Metrologic’s founder and then-Chairman of the Board for grossly inadequate consideration. After injunctive relief was denied and the merger consummated, the parties commenced discovery and preliminary settlement discussions. However, those discussions were terminated when defendants “flipped” the company by selling it to Honeywell International, Inc. for $720 million, 95% more than was paid to plaintiffs and the class for the same company. Defendants’ motion to dismiss was denied and plaintiffs’ motion for class certification was granted. Wolf Popper is a member of Plaintiffs’ Executive Committee.
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