Computing Part Maker Stock Plan Suit Tossed on Standing Grounds

An employee stock ownership plan participant lost for now his lawsuit challenging the ESOP’s $80 million acquisition of his employer, a military computer hardware maker, for failure to show he’d been harmed by the deal.

Plaintiff Scott MacTaggert’s complaint includes no specific information about his Extreme Engineering Solutions Inc. employee stock ownership plan account or its value, and the defendants provided documents showing an increase in the plan’s assets, Judge William M. Conley said on June 20.

This failure to show a valid injury means MacTaggert lacks standing to press his claims, said Conley, who sits in the US District ...