NEW YORK, Oct. 6, 2020 /PRNewswire/ — Pollack Solomon Duffy LLP, a law firm with offices in Boston and New York, and Rupp Baase Pfalzgraf Cunningham, LLC, a law firm with offices throughout New York State, announce the filing of a class action lawsuit on behalf of a class of holders of notes issued by EYP Group Holdings, Inc. or EYP Holdings, Inc. in connection with the creation of the EYP Employee Stock Ownership Plan and sale of stock in EYP on or about June 28, 2016. The lawsuit seeks to recover damages under, among other things, federal securities laws, for the named plaintiffs and class members who sold stock in connection with the ESOP transaction on or about June 28, 2016. The action has been filed in the United States District Court for the Southern District of New York and is titled Kohlberg, et al. v. Birdsey, et al., Civil Action No. 20-cv-6250.
On October 5, 2020, Plaintiffs filed an Amended Complaint alleging that Long Point Capital, Inc., certain of its affiliates, and certain board members of EYP made materially false and/or misleading statements, as well as failed to disclose material facts about EYP’s business. Specifically, the Amended Complaint alleges that Defendants conspired to provide false information to inflate valuations used to price the EYP stock, allowing Long Point as the controlling stockholder to receive more than $40 million in cash, while saddling EYP with debt that made notes issued to minority stockholders for their stock uncollectible.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, pursuant to the Private Securities Litigation Reform Act, you must move the Court no later than 60 days from the date of this notice, or December 4, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN A POTENTIAL FUTURE RECOVERY OF DAMAGES IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
View original content:https://www.prnewswire.com/news-releases/pollack-solomon-and-rupp-baase-law-firms-announce-securities-class-action-301146979.html
SOURCE Pollack Solomon Duffy LLP