Notice of Voluntary Dismissal Filed in Florida ESOP Case

    January 04, 2021, 11:57 AM

    On August 26, 2014, the HealthCare Appraisers, Inc. ESOP (the “HAI ESOP”) purchased 80% of the outstanding stock of HealthCare Appraisers, Inc. (“HAI”), a Florida business appraisal firm that specializes in healthcare firm appraisals, from the Selling Shareholders for $28 million (the “Transaction”).

    Cindy Alvarez (the “Plaintiff”), a former employee of HAI, filed a class action complaint on August 25, 2020, alleging that, among other things, in approving the Transaction, Wilmington Trust, N.A. (“Wilmington Trust”), the Trustee of the HAI ESOP, caused the HAI ESOP to pay more than fair market value for HAI’s stock.

    The Plaintiff filed a notice of voluntary dismissal with prejudice on January 4, 2021.1 Pursuant to the notice, each party agreed to bear its own attorneys’ fees and costs. The case is closed.

    1 Notice of Voluntary Dismissal, Alvarez v. Wilmington Trust, N.A., No. 1:20-cv-01115-CFC (D. Del. Jan. 4, 2021), ECF No. 12.