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The verdict for the class of minority shareholders is in favor ofapproximately 1185 shareholders holding 1,195,470 shares. The court haspreviously indicated that it may value those shares at $ .50/share for a totalvalue of $597,735. The jury awarded punitive dames against all of thedefendants and in favor of Verex, Inc. With this value, the verdict isapproximately $1.3 million. Prejudgment interest is substantial with thiscase having been filed in 2003. Total damages including interest are expectedto bring the value of the verdict to over $2 million dollars.
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"We are, of course, delighted that after all of these years, our clientshave finally gotten this matter resolved," said Plaintiffs' trial lead counselDavid P. Hersh of Burg Simpson Eldredge Hersh & Jardine, P.C. Hersh added,"The Defendants never acknowledged their wrongdoing, and so it is particularlygratifying to receive the jury's determination that the Defendants not onlybreached their fiduciary duties, but did so willfully and wantonly, justifyingan award of punitive damages."
The jury found that the former majority shareholders violated theirrespective fiduciary duties for the benefit of themselves and to the detrimentof the present company shareholders.
"It's good to win vindication for the little guys -- this is what wepractice law for -- to fight injustice, even against big companies at greatodds," said Plaintiffs' trial counsel David K. TeSelle.
SOURCE Burg Simpson Eldredge Hersh & Jardine, P.C.
