A proposed class of shareholders who claim they were burned by Liquid Holdings Inc.'s initial public offering has reached a $4 million settlement with the bankrupt hedge fund software provider after four years of litigation.
In a stipulation filed Tuesday, named plaintiff Robert De Vito said that after months of mediation Liquid agreed to put $4 million into a settlement fund to compensate a class of all investors who bought stock in Liquid’s 2013 IPO, as well as those who purchased shares on the open market between then and late 2015, and then were forced to sell those shares at a loss.
Both sides continued to defend their positions in the stock-drop litigation, while conceding that wrapping things up with a settlement was better than letting the suit drag on.
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De Vito and the investors are represented by Eduard Korsinsky, Nicholas I. Porritt, Adam M. Apton and Adam McCall of Levi & Korsinsky LLP and Steven J. Toll, Daniel S. Sommers, S. Douglas Bunch of Cohen Milstein Sellers & Toll PLLC.
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