On December 12, 2007, investors were shocked to learn that a judgment had been awarded in favor of PDG, against PDHC and ADPI. The jury in the case awarded PDG $88,290,647 in damages, broken down as follows: $9,413,397 in compensatory damages for breach of the Service Agreement; $11,500,000 for breach of implied covenants of good faith and fair dealing; $200,000 for breach of fiduciary duty; $67,000,000 for tortious interference with contract or prospective advantage; and $177,250 for defamation. Upon the release of this news, the Company's shares declined $5.36 per share, or 27.21 percent, to close on December 12, 2007 at $14.34 per share, on unusually heavy trading volume.
The following day, as the public continued to learn of the December 12, 2007 judgment against ADPI, investors were further shocked and appalled to learn that due to ADPI's egregious conduct and actions, the jury had awarded PDG $42,250,000 in punitive damages. Upon the release of this news, the Company's shares declined $9.72 per share, or 67.78 percent, to close on December 13, 2007 at $4.62 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
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|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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