Raider v Archon Corporation Preferred Stock Settlement

What happened

Archon Corporation shareholders held exchangeable redeemable preferred stock and filed a class action lawsuit against Archon Corporation and others. The lawsuit resolved through a settlement in which the defendant agreed to pay $9.2 million to compensate eligible shareholders. The defendant admits no wrongdoing.

Do you qualify?

Anyone who owned or held Archon exchangeable redeemable preferred stock as of the close of business on August 31, 2007. Excluded are defendants, their officers/directors, and certain related parties already involved in separate resolved cases.

What the settlement pays

Amount per share unknown; depends on how many of approximately 1.4 million shares file valid claims

Paid from a $9.2M settlement fund. Individual amounts depend on how many valid claims are filed.

Who is in the class

If you owned or held Archon exchangeable redeemable preferred stock at the close of business on August 31, 2007. Excluded from the Class are Defendants, Archon Corporation, Paul W. Lowden, and Suzanne Lowden. Also excluded from the class are officers or directors of Archon or any Plaintiff in one of four individual cases that have already resolved.

Quoted from the settlement notice.

How to file

All distributions have been completed and the case is closed. Remaining unclaimed funds have been escheated to the Nevada Treasurer. If you believe you were entitled to compensation but did not receive funds, check the Nevada unclaimed funds website at www.nevadatreasurer.gov or contact the Claims Administrator at 1-888-551-9712 or info@ArchonPreferredClassAction.com.