Cases & Investigations
MSG Networks Inc. Stockholder Litigation
Type: Resolved Cases
Case Number: 2021-0575-LWW
Defendant(s): Directors and Controlling Shareholders of MSG Networks inc.
Stock Symbol: Former NYSE ticker: “MSGN”
Court: Delaware Chancery Court
Settlement Website: http://www.msgnstockholderlitigation.com/
Settlement Amount: $48,500,000
In re MSG Networks Inc. Stockholder Class Action Litigation
Wolf Popper LLP is Co-Lead Counsel in a consolidated action on behalf of the former public stockholders of sports media company MSG Networks Inc., whose shares were extinguished as part of a July 2021 transaction whereby MSG Networks merged into an affiliated entity, Madison Square Garden Entertainment Corp. (NYSE: MSGE). Under the terms of the merger, stockholders received 0.172 shares of MSG Entertainment common stock for each share of MSG Networks common stock they held.
The Complaint filed by Wolf Popper alleges, among other things, that members of the Dolan family, led by MSG Networks Executive Chairman James L. Dolan, violated their fiduciary duties when they utilized their control of both companies and their respective boards of directors to effectuate a merger that provided grossly inadequate consideration to MSG Networks stockholders. The Complaint further alleges that the MSG Networks directors who recommended the merger labored under disabling conflicts of interests and were beholden to the Dolans.
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Phone: Adam J. Blander - (212) 451-9667
Email: Outreach@wolfpopper.com
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