$30 Million Class Action Lawsuit Settlement by Martha Stewart
A class action lawsuit filed by Martha Stewart’s investors for providing false information regarding a stock sale of ImClone shares in 2001 to them, has been agreed to be settled for $30 million.
The class-action complaint consolidated several 2002 lawsuits that were filed in the wake of the homemaking maven’s insider-trading scandal that stemmed from her sale of 4,000 shares of ImClone in December 2001—one day before the biotech company went public with stock-damaging news that the feds were giving the thumbs-down to its new cancer drug.
An investigation revealed that Stewart had sold 4,000 shares of ImClone stock one day before the company announced damaging news regarding a new cancer drug.
Filed under Class Action, General Law, Settlements
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