Faruqi & Faruqi Commences Lawsuit Against Stan Lee On Behalf Of POW! Entertainment, Inc. Shareholders
On January 24, 2018, Faruqi & Faruqi, LLP filed a class action lawsuit in the Court of Chancery of the State of Delaware, C.A. No. 2018-0056, on behalf of POW! Entertainment, Inc. (“POW!) stockholders who received inadequate consideration as a result of Camsing International Holding’s acquisition of POW! (the “Merger”).
The complaint alleges that Stan Lee and Gill Champion, in their capacities as directors of POW! and as controlling stockholders, breached their fiduciary duties to POW!’s unaffiliated stockholders by entering into and causing the consummation of the Merger, and that Bick Le, as an officer of POW! aided and abetted those breaches. The complaint further alleges that as a result of the Defendants’ misconduct, POW!’s unaffiliated shareholders were deprived of their right to receive fair value for their shares as a result of the Defendants’ misconduct, and thus, the unaffiliated shareholders are entitled to recover monetary damages from the Defendants.
Partner Michael Van Gorder is heading the litigation.
A copy of the Complaint can be found here.