On January 24, 2018, Faruqi & Faruqi, LLP filed a class action lawsuit in the Court of Chancery of the State of Delaware, C.A. No. 2018-0056, on behalf of POW! Entertainment, Inc. (“POW!) stockholders who received inadequate consideration as a result of Camsing International Holding’s acquisition of POW! (the “Merger”).
The complaint alleges that Stan Lee and Gill Champion, in their capacities as directors of POW! and as controlling stockholders, breached their fiduciary duties to POW!’s unaffiliated stockholders by entering into and causing the consummation of the Merger, and that Bick Le, as an officer of POW! aided and abetted those breaches. The complaint further alleges that as a result of the Defendants’ misconduct, POW!’s unaffiliated shareholders were deprived of their right to receive fair value for their shares as a result of the Defendants’ misconduct, and thus, the unaffiliated shareholders are entitled to recover monetary damages from the Defendants.
Partner Michael Van Gorder is heading the litigation.
A copy of the Complaint can be found here.
News reports from Law360 and Bloomberg about the case can also be found here and here, respectively.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP focuses on complex civil litigation, including securities, antitrust, wage and hour and consumer class actions as well as shareholder derivative and merger and transactional litigation. The firm is headquartered in New York, and maintains offices in California, Georgia and Pennsylvania.
Since its founding in 1995, Faruqi & Faruqi, LLP has served as lead or co-lead counsel in numerous high-profile cases which ultimately provided significant recoveries to investors, direct purchasers, consumers and employees.
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Faruqi & Faruqi
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