August 28, 2024
Bowl America board members have agreed to pay nearly $2.2 million to settle a class action that alleged the company’s board of directors acted in bad faith when it approved a merger with Bowlero Corp., according to a proposal submitted to a Maryland federal court.
The settlement comes more than three years after Bowlero Corp. announced it would acquire Bowl America. Co-counsel for the class and lead plaintiffs on Tuesday filed a settlement agreement for court approval, with Bowl America defendant directors agreeing to pay $2.18 million to the certified class of investors.
The settlement, the plaintiffs said, will bring to a close an “intense and hard-fought litigation” that has included motions to dismiss, expert and class discovery, and mediation. The plaintiffs said the settlement is a product of “vigorous good-faith, arm’s-length negotiations between experienced counsel” and mediation efforts by U.S. Magistrate Judge Adam B. Abelson.
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The plaintiffs are represented by Daniel Sommers and Richard Spiers of Cohen Milstein Sellers & Toll PLLC and Brett Krantz of Kohrman Jackson & Krantz LLP.
Read Bowl America Board Strikes $2.2M Deal To End Merger Suit.