Westland Development Shareholder Class Action
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.