Cases / Notable Cases

Rock of Ages Corporation Stockholders Litigation

Vermont Federal Court Approves Settlement of Class Action Challenging Buyout of Rock of Ages Corporation

Following more than 2-1/2 years of what the Court described as “tenacious” litigation by Wolf Popper LLP on behalf of the minority stockholders of Rock of Ages Corporation (“ROAC”) in this class action challenging the buyout of the stockholders by the majority stockholder of ROAC, at a hearing held on March 11, 2013, Judge Christina Reiss approved the $3.2 million Settlement and certified the case as a class action.  Semon and Meister v. Swenson, Case No. 5:10-cv-143 (D. Vt.).   Settlement of the action further increased the price to be paid to shareholders in the buyout by 14.5% and included other, non-monetary benefits.  (Defendants had earlier published the disclosures that plaintiffs had complained were lacking in the defendants’ public filings about the buyout, and had also increased the buyout price after plaintiffs had commenced the litigation.  The settlement resulted in an additional cash payment to the minority stockholders.)  Stating that she will “pay the compliment of tenaciousness” to Wolf Popper, she noted that Wolf Popper “stuck with the litigation, continued to vigorously pursue it, and convince[d] [her], through that, that they were willing to stick with the class through thick and thin …”  Judge Reiss further found that the firm was “experienced, competent, zealous,” and that “the settlement was achieved in a procedurally fair manner, fair, reasonable, and adequate’ and stated that “it's been an interesting case for me and very professionally handled. . . .”

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