Cohen Milstein Sellers & Toll PLLC is investigating the Choate Construction Company Employee Stock Ownership Plan (“ESOP”) regarding a potential multi-million-dollar loss to the ESOP.

This investigation focuses on the sale of Choate Construction Company stock to the ESOP. Based on a publicly available document filed with the Department of Labor, the ESOP/employees paid $24.75 a share for the Choate stock on or about December 13, 2016, at a total cost of $198 million for the ESOP. The ESOP borrowed $198 million to pay the Selling Shareholders for the stock. Approximately two weeks after the sale of the company to the ESOP/employees, in DOL filings, the Choate stock was reported to be valued at $8.10 per share (versus the $24.75 per share two weeks before).

If you participated in the Choate ESOP, your retirement savings likely have been affected by the ESOP transaction and any losses resulting from the transaction. If you would like to learn more about our investigation and the possibility of serving as a class representative in a class action lawsuit, please take a moment to fill out the questionnaire below and we will contact you within two to three business days to schedule a phone call with one of our attorneys.


Contact Information:

The attorneys investigating this matter are Michelle Yau (admitted in Massachusetts, Illinois and D.C.), and Kai Richter (admitted in Minnesota)

Contact Information:

Doron Hadar – dhadar@cohenmilstein.com 
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500, West Tower
Washington, D.C. 20005
Tel: (888) 240-0775 or (202) 408-4600
Fax: (202) 408-4699