Delaware Court of Chancery Grants Final Approval of American Surgical Class Action Settlement
Wolf Popper LLP announces that at a hearing held on March 24, 2015, Vice Chancellor Noble of the Court of Chancery of Delaware granted final approval of a settlement in Frank v. Elgamal, et al., Del. Ch. No. 6120-VCN. Wolf Popper, as Lead Counsel for Plaintiff and the Class of American Surgical stockholders who were cashed out in the buyout of the public shares of the company by certain members of management working with a private equity firm, obtained a settlement that provided a cash payment of $450,000 to eligible members of the Class. This amount is greater than what the court indicated in its summary judgment decision would be available if Plaintiff had been successful at trial. Vice Chancellor Noble also granted a separate mootness fee award that was paid directly by defendants and not deducted from the settlement payment made to the eligible Class members.
Chancery Court Grants Preliminary Approval to Settlement and Schedules Final Hearing to Consider Final Approval of Settlement
Wolf Popper LLP announces that Vice Chancellor Noble has scheduled a hearing to be held March 24, 2015 in Dover, Delaware in order to consider final approval of a Stipulation and Agreement of Settlement (the “Settlement”) in Frank v. Elgamal, et al., Del. Ch. No. 6120-VCN. The Settlement provides a cash payment of $450,000 to the members of the Class who are entitled to receive a portion of the settlement payment (the “Settlement Payment”). Vice Chancellor Noble will also consider plaintiff’s application for fees and expenses from the Settlement Payment and a separate renewed mootness fee application which will not be deducted from the Settlement Payment. Please see the full notice for complete details and instructions.
Wolf Popper Defeats Motion to Dismiss in Case Challenging Buyout of American Surgical Holdings, Inc.
Wolf Popper is Lead Counsel in this shareholder class action challenging the buyout of American Surgical Holdings, Inc. by the company’s majority shareholders and a private equity firm. Frank v. Elgamal, C.A. No. 6120-VCN. Defendants sought to dismiss the action arguing, among other things, that because the majority shareholders were supposedly net sellers of their American Surgical shares that they did not “stand on both sides of the transaction.” The court substantially denied defendants’ motion, holding that the claims are not subject to dismissal and that the inquiry will be whether the transaction was entirely fair to the public shareholders.