Summary of the Action
Archon sought to redeem the preferred stock as of the close of business on August 31, 2007. Archon paid a redemption price of $5.241 per share. A preferred shareholder filed a lawsuit against Archon, claiming that the redemption price should have been $8.69 per share and that dividends have continued to accrue because the redemption price was not paid in full. Paul and Suzanne Lowden (collectively, “the Lowdens”) were also sued, for breach of their fiduciary duties as officers, directors and majority shareholders. Other related claims were asserted against Archon and the Lowdens (collectively, “Defendants”), including requests for equitable relief.
The Court decided that this lawsuit can be a class action and move towards a trial because it meets the requirements of Rule 23 of the Nevada Rules of Civil Procedure, which governs class actions in Nevada courts. There is no money available now, and there is no guarantee that there will be in the future.
You are a member of the Class if you:
Were a holder of Archon preferred stock as of the close of business on August 31, 2007 and you were:
- Not an officer or director of Archon;
- Not Paul Lowden's children, siblings or his investment company (LICO)
- Not Stephen Haberkorn, P. Michael Jung, or Gretchen Lee McGowen
- Not a plaintiff in D.E. Shaw, et al. v. Archon Corporation, United States District Court for the District of Nevada, Case No. 2:07-CV-01146-PMP-LRL, or Leeward, L.P. v. Archon Corporation United States District Court for the District of Nevada, Case No. 2:08-CV-00007-PMP-LRL.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT:
Stay in this lawsuit. Await the outcome. Give up certain rights.
By doing nothing, you keep the possibility of getting money (or benefits) that may come from a trial or a settlement. You may also receive nothing. If you stay in the lawsuit, you give up any rights you may have to sue Defendants separately about the same legal claims in this lawsuit.
|ASK TO BE EXCLUDED
Get out of this lawsuit. Get no benefits from it. Keep rights.
If you ask to be excluded, any claim you might have will not be part of the lawsuit. If money or other benefits are later awarded, you won’t share in those benefits. But, you keep any rights that have not expired to sue Defendants separately about the same legal claims in this lawsuit
How do I obtain more information?
Detailed information about the Lawsuit is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-888-551-9712 or emailing info@ArchonPreferredClassAction.com or mailing a letter to:
Raider v Archon Corporation, et al.
c/o JND Legal Administration
P.O. Box 91332
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.