A one-time New England Biolabs Inc. employee filed a proposed class action saying the company wrongly forced former workers to sell their company stock at an unfair price.
Plaintiff Melissa Jackson says the company’s profit sharing plan previously allowed employees to hold New England Biolabs stock in their accounts after leaving their jobs. A 2019 plan amendment revoked this right and forced former workers to sell their stock for less than fair market value, Jackson said in the complaint.
The stock liquidation took place in September 2019 using an error-riddled valuation conducted a year earlier, Jackson says, which caused ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.