Securities Fraud

Semtech $20 million settlement

In 2011, Baron & Budd achieved a $20 million settlement on behalf of individuals who purchased Semtech stock. The case alleged that Semtech manipulated grant dates for stock options, which result in understatement of Semtech’s compensation expenses and overstatement of its reported income. Firm shareholder Burton LeBlanc served as co-lead counsel in the case.

Sale of ACS to Xerox

In 2010, Baron & Budd worked as lead local counsel in a shareholder sale of ACS to Xerox. Working with other national law firms, Baron & Budd helped to obtain an additional $69 million for ACS public shareholders.

7-Eleven shareholder case

Baron & Budd served as co-lead counsel in the 7-Eleven shareholder litigation regarding the company’s transition from a publicly traded to a privately held entity. The firm negotiated an offer that provided an additional $145 million to the company’s shareholders.

EDS sale to Hewlett-Packard

Shareholder Bruce Steckler was appointed as lead local counsel in two Texas shareholder class actions regarding the sale of Electronic Data Systems (EDS) to Hewlett-Packard. As originally proposed, many experts considered the EDS stock to be undervalued in the Hewlett-Packard deal. In addition to locking in too low a share price, the proposed sale prohibited EDS directors from seeking a higher price from alternative bidders and guaranteed Hewlett-Packard $375 million if the sale did not go through. Baron & Budd helped negotiate better prices for the EDS shareholders.