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Shareholder Suit Over Wesco Presale Statements Fizzles

April 8, 2020, 5:47 PM

A shareholder suit over aerospace supply chain company Wesco Aircraft Holdings Inc.‘s sale to Platinum Equity Advisors LLC must be dismissed because it failed to allege certain presale financial projections were improper, a federal court in New York ruled.

Jacob Gray sued Wesco, its former chairman and CEO, and former directors on behalf of a proposed class, alleging the board knowingly agreed to an unfair merger and misled shareholders in order to secure votes in favor of the deal, according to the court.

An initial set of projections prepared by management showed increasing future profit and operating income. But...

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