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Stradling

Ceradyne Secures Favorable Settlement in Multiple Class Actions Relating to its $860 Million Acquisition by 3M

Ceradyne, Inc.
  • Orange County Superior
  • ,
  • Delaware Court of Chancery

Represent Ceradyne, Inc and certain director defendants in four class action lawsuits relating to 3M’s $860 million acquisition of Ceradyne.

After the Delaware Court of Chancery Court denied plaintiff’s motion for expedited discovery based upon our argument that plaintiffs did not present a colorable claim, the California plaintiffs settled on favorable terms allowing the transaction to close for the benefit of Ceradyne’s shareholders.  The California court then rejected the proposed settlement, leading to several years of litigation resulting in a favorable settlement immediately before the trial court was set to rule on our opposition to class certification.