Too bad Bill Lerach gave up the practice of law. (At the State Bar's request. He's a felon for--among other things--paying class representatives, and putting together representative classes in S/H derivative actions whose members were totally lacking in adequacy, and somethimes standing.) But the guy was a f*cking genius at getting corporations to pay up! I think the successor firm to Millberg-Weiss is still in business. Give them a call and ask them if they still prosecute securities actions on a classwide basis. You need to pull together enough people with personal knowledge of enough facts that are going on to permit discovery of the related correspondence and records of board meetings, etc. Remember, for this sort of suit, the key to getting an attorney to take your case is NOT to whine about PIPs or WARN Act/Cal-WARN violations or working 80 hr weeks. For that you want a wage & hour or PAGA class action specialist. The keys here are fraud and/or self-dealing by offic ers and directors, failure of the board to take action against officers engaged in self-dealing, mismanagement of assets, unnecessary encumbrances and other less-than-brilliant decisions made without consulting experts, or where the experte consulted had a conflict of interest, etc. Things that negatively affect the shareholders as opposed to employees.
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most of us own QC stock.
@Anonymous130672, you got good idea,I think its worth exploring.
It's called self-dealing. If you are serious about filing a class action, and you own actual stock (not options) a few thousand of us should get together and file a class action. Nothing scarier for the JANAcrew than having the SEC scrutinize their every move for the next few years. And also clawbacks of about $100MM in "retention bonuses" may be a possibility.
The board approved the accelerated compensation plan for the executive suite, not the shareholders. The board approved the accelerated layoff and restructuring plan as well. They are just doing their job and getting 7 on it, although this sequence of events might, in the end, result in a shareholder lawsuit where only the lawyers will benefit.
Such a lawsuit for breach of fiduciary duty would be a "bummer" for some execs
This s a VERY good point. If insiders on the bench will testify that market cibdutuons were known to be deteriorating, SS dumoing 810, then awarding execs in these circunstances is against the shareholders interest. Was the board given a clear future prospects context known by insiders? Another post mentioned old timers expected layoffs last year. This story doesn't sound right.
What did they know? They can always blame the market, blame apple for selling too many iPhone, blame SS for informing too late about s810...no apologies!!! Maybe Barry was gonna start a fuss along these lines, but let them keep the bonuses as long as they ceded total control to Jana. Which they did.
They can just say the market didn't follow their ever so modest sales predictions. Blame the market. Use phrases like "nobody could have seen this coming". BlaQ swan event and such.