P.M. BRIEFING : Wickes Reaches Accord on Suits
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Santa Monica-based Wickes Cos. Inc. said today it has signed “a memorandum of understanding” that outlines a proposed settlement of several shareholder lawsuits.
The suits are pending in the U.S. District Court for the Central District of California, a California Superior Court and the Delaware Court of Chancery, Wickes said.
The suits allege, among other claims, violations of federal securities laws arising out of former management’s tender offer for Wickes. The offer was dropped in October, 1988. Subsequently, Wickes was acquired by WCI Holdings Corp.
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