Attorneys representing investors who bought stock in Great Atlantic Pacific Tea Co. during the 18 months before the struggling supermarket chain filed for bankruptcy have filed a class action suit, saying that Chief Executive Officer Sam Martin and five other executives misled investors about the financial health of the company.
The law firm representing investors said it filed the lawsuit against former and current executives,
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The suit says that Martin, along with Christian Haub, chairman of the board of the parent company,
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A issued a statement Monday saying: A is not a party in this suit, we believe the suit is without merit due to the fact that, among other things, the Company financial disclosures were accurate at the time they were made, as well as consistent with applicable law and regulatory requirements.
Great Atlantic stock price plunged from $2.82 on Dec. 10, 2010, to 35 cents on Dec. 13, 2010, the first trading day after the bankruptcy announcement.
The real targets of the suit most likely are any insurance policies that protect A executives and officers from claims against them, said Stephen Lubben, the Daniel J. Moore Professor of Law at Seton Hall.
That insurance, unless it is tied in with other liability protection, Lubben said, probably not an asset that the creditors in the A bankruptcy can get at, so these plaintiffs might be able to get at it.
don think they trying to directly collect money from these executives,
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Similar lawsuits have been filed against executives of Lehman Brothers, who plaintiffs have said issued overly positive statements as the Wall Street giant was headed for collapse in 2008. Various groups of Lehman executives are now fighting over how a $250 million policy will be divvied up to cover proposed settlements for different class action lawsuits, according to court documents filed last week.
apt to settle it if there even the slightest bit of merit to the claims, because that just cheaper for them to do, rather than litigate it for a long time. On the other hand, if they think they can get it dismissed relatively quickly, they will probably try to litigate it, Lubben said.
John Leubsdorf, professor of law at Rutgers School of Law,
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And, Seton Hall Lubben said, the plaintiffs may have a tough job proving the bankruptcy filing was unexpected. least in the bankruptcy community, it was hardly a shock A filed for bankruptcy. They seemed to be telegraphing it for a while,
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