Law Firm Planner - Legal News - Rentech Announces Final Court Approvals of Settlements
Law Firm News
Today's Date: Bookmark This Website
Rentech Announces Final Court Approvals of Settlements
Law Center | 2011/09/28 10:36
Rentech, Inc. announced today that it has received final court approvals for the settlements of the securities class action and shareholder derivative lawsuits against the Company and a number of its current and former directors and officers. The lawsuits related to the Company’s restatement in December 2009 of certain of its financial statements for fiscal year 2008 and the first three quarters of fiscal year 2009. The Company believed that it was in the best interests of its stockholders to settle the matters at a reasonable cost to avoid potentially protracted and expensive litigation. The Company and the individual defendants have denied any liability or wrongdoing in connection with the allegations contained in these lawsuits.

The settlement for the consolidated class action lawsuits in United States District Court for the Central District of California (In re Rentech Securities Litigation, Lead Case No. 2:09-cv-09495-GHK-PJW) provides for a settlement fund of $1.8 million, from which plaintiffs' counsel will receive an award of attorneys fees and expenses. The settlements for the consolidated shareholder derivative lawsuits in United States District Court for the Central District of California (In re Rentech Derivative Litigation, Lead Case No. 2:10-cv-0485-GHK-PJW) and the Superior Court of the State of California for the County of Los Angeles (Andrew L. Tarr v. Dennis L. Yakobson, et al., LASC Master File No. BC430553) provide that the Company adopt certain governance practices, and pay (or cause its insurance carrier to pay) plaintiffs' attorneys fees and expenses of $300,000. Over 90% of the aggregate securities class action and shareholder derivative settlement payments are covered by Rentech’s insurance carriers.


[PREV] [1] ..[1099][1100][1101][1102][1103][1104][1105][1106][1107].. [1966] [NEXT]
All
Law Firm News
Headline News
Law Center
Court Watch
Legal Interview
Topics
Lawyer News
Legal Focuses
Opinions
Marketing
Politics
Firm News
Court: Idaho nuclear waste d..
Kushner firm seeks court cha..
Wisconsin Supreme Court prim..
Supreme Court blocks some re..
Court allows Pennsylvania to..
Greek court postpones decisi..
Prosecutor asks for prison t..
Court: Lawsuit alleging coer..
Samsung heir freed after app..
Supreme Court delays order f..
Court seems to favor death r..
Officials ask court to send ..
Malaysia's top court annuls ..
Top Pakistani court orders a..
Analysis: Outside groups may..


   Lawyer & Law Firm List
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
New Rochelle Oil and Gas Industry Law Firm
www.kboattorneys.com
Canton Family Lawyer
Canton Divorce Lawyer
cantoncriminalattorney.com
 
 
© Law Firm Planner. All rights reserved. - Legal News and Articles on Recent US Legal Developments.

The content contained on the web site has been prepared by Law Firm Planner Media as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Legal Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Law Firm Website Design by Best Lawyer Website Design- Attorney Web Design That Works