Benefits & Executive Compensation News

Raydon Corp. Stock Plan Suit Inches Toward Class Certification

Feb. 21, 2020, 3:10 PM

An employee of Florida defense contractor Raydon Corp. scored a victory in her lawsuit challenging a $60.5 million employee stock plan transaction, when a federal magistrate judge in Orlando, Fla., said her case should be certified as a class action.

Stephanie Woznicki can represent a class of participants in Raydon’s employee stock ownership plan in a lawsuit against the company and certain top executives, Magistrate Judge Thomas B. Smith of the U.S. District Court for the Middle District of Florida said in a recommendation issued Thursday.

Woznicki accuses the defendants of orchestrating a 2015 transaction in which the company’s stock...

To read the full article log in. To learn more about a subscription click here.