Raydon Worker Gets Class Status in $61 Million Stock Deal Suit

Employees of Florida defense contractor Raydon Corp. won class action status in their lawsuit challenging a $60.5 million transaction in which they became owners of the company through an employee stock ownership plan, according to a ruling by the Middle District of Florida.

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, Judge Wendy W. Berger of the U.S. District Court for the Middle District of Florida ruled. Berger’s Monday order adopted a recommendation made by magistrate judge in February.

Woznicki accuses the defendants of ...