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Shareholder Ends Del. Suit Over $1B Penske Stock Buyback

Law 360

Transportation services company Penske Automotive Group Inc. has resolved a shareholder's proposed Delaware Chancery Court class action against a controlling stockholder and the board of directors by implementing a voting agreement that moots the shareholder's claims, parties have said in court filings.

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Penske Auto Sued In Del. Over $1B Stock Buyback

Law 360

A Penske Automotive Group Inc. shareholder sued the company in Delaware's Court of Chancery Tuesday, alleging that the Michigan truck company's board squandered more than $1 billion on stock buybacks that vaulted its CEO into a controlling position without any return for the company or minority shareholders.

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