Class Action News

Mobile Posse Gets Management Buyout Suit Settlement Approved

June 29, 2020, 3:52 PM

Mobile Posse Inc. and the employee shareholders who accused the company’s senior leadership of squeezing them out of its management buyout got approval from a Delaware Chancery Court judge for their $650,000 settlement.

Vice Chancellor Kathaleen S. McCormick gave her blessing June 26 to the agreement, which resolves a proposed class action by employees who collectively owned 1.3% of the mobile advertising company before CEO Jonathan Jackson paid $33.8 million for it in 2018.

The lawsuit accused Jackson, the company’s largest common stockholder, of colluding with its preferred investors—funds that controlled its board—to engineer a deal that allowed them to...

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