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Class Action on Behalf of former Living Independently Shareholders Survives Motion to Dismiss
On November 10, 2009, KOL commenced suit on behalf of common shareholders of Living Independently Group, Inc. (“LIG”), against LIG, its Board of Directors, its Chief Operating Officer, and General Electric Company (“GE”) concerning GE’s acquisition of LIG without any consideration being paid to the common shareholders. On January 8, 2010, KOL filed an amended complaint which Defendants moved to dismiss. After extensive briefing and lengthy oral argument before Chancellor Chandler of the Delaware Chancery Court, Chancellor Chandler denied the motion to dismiss the principal claims alleged against LIG and the Individual Defendants but dismissed GE without prejudice to reassert claims against it based upon discovery. Discovery has been served and KOL expects document productions by the Defendants and GE to commence shortly
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