Ex-Appvion officers, directors win dismissal of fraud suit
July 28, 2020
GREEN BAY, Wisc. (News release) -- More than 30 former officers and directors of bankrupt paper company Appvion Inc have won dismissal of a lawsuit by a company employee benefit plan accusing them of inflating the value of its stock.
U.S. District Judge William Griesbach in Green Bay, Wisconsin wrote Monday that the plaintiff, the administrator of Appvion's employee stock ownership plan (ESOP), had failed to allege in sufficient detail how the defendants, including former CEO Douglas Buth, violated the Employee Retirement Income Security Act (ERISA) or federal and state securities laws.