Bill Garrison of Scheef & Stone secures an additional
$2.2 million for client

Attorneys with the firm recently represented a large frozen food corporation in litigation in Austin, Texas and San Diego, California. Our clients had been removed as shareholders of the corporation by means of an involuntary reverse stock split under Delaware law. Our clients challenged the propriety of the reverse stock split, and the price at which it was executed – including whether the corporation’s board of directors had acted in the best interests of the minority shareholders. When the reverse stock split was executed, the corporation paid our clients $10.76/share. After 10 days of jury trial in Austin, the corporation agreed to pay our clients $37.00/share, which amounted to an additional $2.2 million.