Faruqi & Faruqi, LLP Achieves Settlement Containing Price Increase for Cogent Shareholders
On May 21, 2012, the parties to the litigation in In Re Cogent, Inc. Shareholders Litigation, Consolidated C.A. No. 5780-VCP, in the Delaware Chancery Court reached a settlement after two years of hotly contested litigation. The settlement, subject to court approval, will pay $1.9 million to shareholders and is an excellent result for the class. The action stemmed from the breaches of fiduciary duties to Cogent, Inc. (“Cogent”) shareholders in connection with the acceptance of 3M Company’s inadequate $10.50 per share offer for Cogent stock.
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