UNITE HERE Local 5 Invites Inquiries from Diamond Resorts Stockholders Who Object to Class Action Settlement Proposal
HONOLULU--(BUSINESS WIRE)--Dec 2, 2019--
UNITE HERE Local 5 is accepting inquiries from stockholders affected by the proposed settlement of the shareholder class action lawsuit against Diamond Resorts International board members and Apollo Management VIII, L.P. ( Appel v. Berkman, No. 12844-VCMR). The suit was filed after the Apollo Global Management affiliate acquired Diamond Resorts International in 2016.
UNITE HERE Local 5 has posted certain court filings for review at www.DiamondResortsWatch.org/court-documents. UNITE HERE Local 5 has updated its site with settlement documents that were filed on November 1, 2019. The “Stipulation and Agreement of Compromise, Settlement and Release” proposed a settlement of $25.5 million and from that award proposed an aggregate amount up to 25% towards attorneys’ fees plus reimbursement of attorney expenses. The settlement would include a broad release of claims applicable to all class members.
UNITE HERE Local 5 research shows Diamond Resorts’ August 2016 Amended 10-K filing stated 69,705,619 shares of common stock were outstanding as of Feb 5, 2016. Diamond Resorts’ management, board of directors and related entities together held 25.5% of the outstanding common stock. The proposed settlement award, less legal fees and expenses, would be distributed to only a certain number of stockholders who qualify as eligible class members (generally defined as stockholders who sold Diamond stock between June 29, 2016 through September 2, 2016), excluding defendant directors.
UNITE HERE Local 5 invites Diamond Resorts stockholders who are eligible class members and object to the terms of the proposed settlement to contact UNITE HERE Local 5 to discuss possible options.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191202005007/en/
CONTACT: Ivan Hou
UNITE HERE Local 5
1516 South King Street
Honolulu, HI 96826
Tel: 808-941-2141 ext. 267
KEYWORD: NEVADA HAWAII UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LODGING LEGAL PROFESSIONAL SERVICES TRAVEL
SOURCE: UNITE HERE Local 5
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PUB: 12/02/2019 11:00 AM/DISC: 12/02/2019 11:01 AM