Westland Development Shareholder Class Action

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of April 2, 2012 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Westland Development
Case Name: 
Westland Development Shareholder Class Action 01/10/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/10/2011
Class Period Begin: 
09/18/2006
Court of Filing: 
United States District Court for the District of New Mexico
Date Settled: 
03/13/2012
Settlement Amount: 
$3,778,702
Deadline to Participate in Settlement: 
04/02/2012
Summary: 

DECEMBER 2011 - According to the Notice:

The Settlement will provide $3,778,702.41 to pay claims of Westland Development Co., Inc. (“Westland”) investors who held shares as of the close of business on September 18, 2006. Pursuant to an Order by the U.S. District Court for the District of New Mexico, excluded from the class are Defendants, all of the officers and directors of the Defendants, their immediate families (i.e., parents, spouses, siblings, and children) and their legal representatives, heirs, successors and/or assigns and any entity in which any Defendant has a controlling interest. For an estimate of how much per share you could receive from this Settlement, see the discussion at Question 9 on page 3 of this Notice.

The Settlement resolves a lawsuit claiming that, in connection with the sale of Westland to SCC Acquisition Corp. (which used the trade name “SunCal”), defendants (including Westland, its Board of Directors, its President and CEO, its Chairman, and various SunCal entities), disseminated a materially false and misleading proxy statement to shareholders in violation of federal securities laws. The lawsuit also claimed that various entities affiliated with the D.E. Shaw group (including D.E. Shaw Real Estate Portfolios 1, L.L.C.), controlled some of the defendants, and were therefore also liable for the same securities violations. All of the Defendants deny they did anything wrong. The Settlement avoids costs and risks from continuing the lawsuit; pays money to investors like you; and releases defendants from liability.