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R.L. Polk Investors Win Class Action Status for Freeze-Out Case

June 23, 2022, 9:41 PM

Former investors in R.L. Polk & Co., the auto-industry trade publisher, won class action status in Delaware on Thursday for their lawsuit claiming the company’s controlling family tricked them into liquidating their stakes two years before it was sold at three times the valuation.

Vice Chancellor Sam Glasscock III, writing for Delaware’s Chancery Court, said the central liability question—whether minority shareholders were duped into selling their Polk stock for a third of its value—is common to all of the 58 to 64 investors who participated in the company’s tender offer or sold stock while it was ongoing.

The tender in ...