AMC movie theater in Baltimore, MD. Photo: Diego M. Radzinschi/ALM AMC Shareholders Seek Active Pro Se Role in Settlement Proceedings
More than 100 letters have been sent to the court by AMC shareholders, most critical of the class representation. That's an unusual level of intervention from shareholders, court-watchers said.
May 25, 2023 at 11:53 AM
4 minute read
Securities Litigation
AMC shareholders who say a proposed settlement isn't in their best interests have decided to make their opinions heard on the record, sending a barrage of letters to Vice Chancellor Morgan Zurn and filing motions to intervene in the case over a reverse stock split involving the company's AMC Preferred Equity, or "APE," units.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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