Settlement Alert: In re Checkpoint Systems
3/8/2017 - On April 29, 2016, the parties in the consolidated class action lawsuit brought on behalf of the public stockholders of Checkpoint Systems, Inc. (“Checkpoint"), currently pending before the Court of Common Pleas for Philadelphia County First Judicial District of Pennsylvania, entered into a proposed settlement of the action. The lawsuit was brought against Checkpoint, its Board of Directors and CCL Industries, Inc. ("CCL"), in connection with the acquisition of Checkpoint by CCL announced on March 2, 2016. The Consolidation Action alleged that the Checkpoint Directors breached their fiduciary duties to Checkpoint stockholders during negotiations of the Merger Agreement, and that CCL aided and abetted those breaches.
NOTE that all capitalized terms are defined in Stipulation of Settlement, available here.
On March 1, 2017, the Court entered an Order allowing Notice of the Settlement to be provided to stockholders of Checkpoint. Click here for a copy of the Notice.
The Settlement provided various additional disclosures to Checkpoint stockholders made by Checkpoint prior to the vote on the Merger and the waiver of a nondisclosure agreement. Your legal rights and options in this Settlement, and the deadlines to exercise your rights under the terms of the Settlement Agreement, are explained in the Notice.
This is only a brief summary of the terms of the Settlement. The full terms are included in the Settlement Agreement.