Settlement Reached in Babcock & Wilcox Enterprises Lawsuit
Recovered:
$9.5 Million
The parties in the action captioned Parker v. Avril, et al., C.A. No. 2020-0280-PAF (D. Del.) entered into a stipulation of settlement on February 15, 2023. The settlement provides for a payment of $4.75 million to eligible class members and $4.75 million to Babcock. Lead plaintiff James Parker filed an action alleging that the Babcock board and the company’s controlling shareholders did not properly discharge their fiduciary duties in connection with the 2019 Rights Offering to the disadvantage of Babcock's minority shareholders. The Delaware Court of Chancery will hold a hearing on July 10, 2023 to approve the settlement.
A copy of the stipulation can be viewed here.