Cases & Investigations
Metrologic Instruments, Inc. Shareholders Litigation
Type: Notable Cases
Case Number: L-6430-06
Court: New Jersey Superior Court, Camden County
Settlement Amount: $21,000,000
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. After the Court granted summary judgment to some of the defendants, plaintiffs and the remaining defendants entered into a partial settlement for $11,950,000. Plaintiffs' appeal of the dismissal of the other defendants is pending. Wolf Popper is a member of Plaintiffs’ Executive Committee.
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