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Investors Fight El Pollo Loco Insider Trading Suit Toss In Del.
Law360 (April 23, 2021, 4:58 PM EDT) Class attorneys seeking derivative damages for restaurant chain El Pollo Loco over some $118 million in alleged insider trades told a Delaware vice chancellor on Friday that earlier cash settlements targeting the same actions should weigh against a board special committee s call for dismissal.
Peter Safirstein of Safirstein Metcalf LLP, counsel for the class representative in the case, told Vice Chancellor Kathaleen S. McCormick that enough material, factual disputes also remain regarding the independence of an EPL board s special litigation committee that recommended dismissal of the suit to justify denial and further discovery.