Updated: November 15, 2018
Status: Ongoing Case
Labaton Sucharow serves as co-lead counsel in this stockholder class action alleging that the Exactech Board approved a $733 million sale of the Company to a private equity firm on terms that were extremely favorable to certain Company insiders, including the controlling shareholder family, the Pettys. Specifically, company insiders were given the option to accept cash per share or “rollover” their shares into a continued equity interest along TPG in the post-merger company, while other shareholders were not allowed to rollover their shares into the new company. Additionally, the Board allegedly approved the merger, even in the face of a credible offer by an alternative bidder at a higher per share price than the TPG offer.
On September 17, 2018, plaintiffs defeated the defendants’ motion to dismiss. On November 15, 2018, plaintiffs filed a motion for class certification, which is pending before the court.
The case is The Arbitrage Fund v. Petty et al., C.A. No. 2018-004061 (Miami-Dade Cnty). Labaton Sucharow represents The Arbitrage Fund.