Secured a $57.5 million settlement against Sprint’s Board and executives for fiduciary breaches in stock consolidation
Plaintiff(s):
Institutional investor on behalf of Sprint Corporation shareholders
Case type / claims:
Shareholder class action alleging breaches of fiduciary duty by Sprint’s former CEO and directors in connection with the consolidation of two tracking stocks, which plaintiffs argued unfairly disadvantaged certain shareholder groups.
Defendant(s):
Sprint Corporation, its former CEO, and members of its Board of Directors
Jurisdiction:
U.S. District Court for the District of Kansas
Year:
2007
Outcome:
- G&E secured a $57.5 million settlement against defendants approved by the Court.
- Demonstrated G&E’s experience litigating fiduciary duty claims beyond Delaware and New York jurisdictions.
