Robbins Geller obtains “an outstanding result” of $29 million for Gardner Denver shareholders
Earlier today, Vice Chancellor Noble approved a $29 million settlement for shareholders in In re Gardner Denver, Inc. S’holder Litig., No. 8505-VCN (Del. Ch.), the largest recovery in any M&A transaction agreed to since 2012.
In approving the settlement, the Vice Chancellor noted it “is unusual to see a $29 million recovery” and that the “litigation caused a substantial benefit for the class.” In fact, the Court commented that “[r]ecoveries of this size don’t just happen” and it “did not expect plaintiff to recover anything along the lines of the cash settlement presented today.”
Vice Chancellor Noble also noted counsels’ efforts in obtaining this result, characterizing the litigation as “novel” and “not easy,” but “[t]he lawyers took a case and made something of it.” The Court specifically noted that “the benefits achieved by plaintiffs’ counsel in this case cannot be ignored.”