Henson Efron business litigation attorneys Court Anderson and Benjamin Hamborg recently represented two minority shareholders in a shareholder dispute that culminated in December 2020 in a multimillion-dollar whistleblower award from the SEC. The award was more than $6 million, which represents one of the largest SEC whistleblower awards in the history of Minnesota. The case involved allegations that the controlling shareholders of a publicly-traded company illegally manipulated the company’s stock price in order to trigger escalator clauses in certain promissory notes held by the majority shareholders, which put the company in potentially catastrophic debt. Based on the value of the information provided and their diligent efforts to cooperate with the SEC’s investigation, attorneys Court J. Anderson and Benjamin J. Hamborg successfully argued that the SEC should award their clients the maximum 30 percent.
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