Ill. Firm Accused Of Shorting Workers In $2.5B Stock Deal
By Kellie Mejdrich (December 22, 2021, 8:20 PM EST) — A former employee of a consulting firm launched a proposed class action Wednesday in Illinois federal court, alleging the company short-changed them to the tune of at least $50 million when it bought up their stock, then sold a stake to a private equity firm for a far higher price per share.
Matthew Daly, an ex-consultant seeking to represent a class of roughly 146 participants in the firm’s employee stock ownership plan, alleged West Monroe Partners Inc. violated the Employee Retirement Income Security Act when it bought nearly 28,000 shares of company stock from them at “less than a quarter on…
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