Security Cam Co. Arlo Settles With Investors For $1.25M
Law360 (June 12, 2020, 8:47 PM EDT) — Netgear Inc. spinoff Arlo Technologies Inc. has agreed to pay $1.25 million to end shareholder claims the security company misled investors in advance of its initial public offering.
According to proposed settlement terms submitted to U.S. District Judge Beth Labson Freeman on Friday, the settlement is approximately 2.35% of the $53.2 million damages sum investors estimated they might otherwise recover. In the settlement approval motion, the shareholders called the total “a very good result for the settlement class.”
The counsel team for the proposed class — which includes attorneys from Browne George Ross LLP and Keller Lenkner LLC — would request a quarter of…