North Carolina refrigeration product manufacturer Morris & Associates Inc. was hit with a proposed class action by workers who claim they were given an unfair price when selling their company stock.
The lawsuit, filed Feb. 6 in the US District Court for the Eastern District of North Carolina, says workers who sold the Morris stock in their employee stock ownership plan accounts were underpaid in violation of the Employee Retirement Income Security Act. The stock price was based on a series of flawed valuations that didn’t account for the company’s significant cash holdings, according to the complaint.
- A 2022 ...
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