WILSON ELSER: Benford Obtains Jury Verdict in Securities Litigation for Fraction of Demand Amount

By Press release submission | Mar 25, 2019

Wilson Elser issued the following announcement on March 22.

John Benford (Of Counsel-Orlando) obtained a favorable jury verdict at trial in a lawsuit brought by three major shareholders/investors of the client, a technology company. The plaintiffs attempted to prove at trial that the client violated their rights as shareholders in preferred stock, including their right to redeem the stock at certain prices. Defense was challenged by evidence offered by plaintiffs that they lost several million dollars on the stock at issue and related investments during the stock market crash of 2008. However, John presented evidence to the jury relating to, among other things, plaintiffs’ failure to act reasonably and engaging in conduct inconsistent with their claims. 

During closing arguments, the plaintiffs requested that the jury award them $2,760,000. After approximately two hours of deliberation, the jury returned a verdict of only $336,000 – about 12 percent of what they asked the jury to award.

Original source can be found here.

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