The Leonard firm is pleased to announce that on December 11, 2018, the United States District Court for the Western District of Pennsylvania entered a final order approving a class action settlement on behalf of plaintiffs - former minority shareholders of American Broadband, Inc. d/b/a United Network Services, Inc. (“UNSi”) who owned shares of UNSI, whose shares were cancelled through a 1-for-4,000,000 reverse stock split, and who subsequently did not purchase new shares pursuant to UNSI’s Confidential Offering Memorandum. Plaintiffs alleged breach of fiduciary duty and related claims against former directors, officers, insiders and/or interested and controlling shareholders of UNSi.
The settlement achieved a remarkable return of nearly 50% of the maximum possible losses incurred by the Class. Attorneys Roy E. Leonard, Scott M. Hare and Robert B. Stein represented plaintiffs. The case is titled Adam C. Kassab, et al. v. Francis D John, et al., Civil Action No. 2:16-cv-00613.