Bloomberg Law and The Dallas Morning News Report on $60 Million Shareholder Settlement with Biote
July 8, 2024 – Bloomberg Law and The Dallas Morning News report that Biote reached a $60 million settlement with Brewer, Attorneys & Counselors client and Biote shareholder Marci Donovitz in a lawsuit over its merger with a special purpose acquisition company, also known as a “SPAC” or “blank check company.”
Bloomberg Law reported that Donovitz alleged her shares in the hormone therapy company were diluted by the deal. The article reported that the company will buy back her shares over a three-year period, with $30 million paid upfront. Bloomberg reports that the lawsuit filed in Delaware Chancery Court alleged that Biote company insiders benefited from the transaction with Haymaker Acquisition Corp. III that delivered almost no cash to the company.
“This settlement validates our client’s claim that the transaction was a scheme to enrich a few company ‘insiders’ – and reward them with financial and managerial benefits to which they were not entitled,” William A. Brewer III, a partner at the Brewer firm, said in a statement quoted in the media reports.
The Morning News report noted that as part of the settlement, Biote will be forced to repurchase all 8.3 million of Donovitz’s shares at $7.23 each.
The Morning News article observes that SPACs were once a very popular way for companies to go public but have faced scrutiny from the Securities and Exchange Commission in recent years.
Read the Bloomberg Law report here and The Dallas Morning News report here.
Bloomberg Law Reports on Brewer Advocacy, Retention of NYU Law Professor
June 4, 2024 – Bloomberg Law reported today on the Brewer firm’s representation of the NRA against the New York Attorney General. The article notes that the NRA has added New York University law professor Samuel Estreicher to its legal team.
As reported, The NRA has asked a judge to throw out a recent jury verdict, ordering former chief executive Wayne LaPierre and another official to repay more than $6 million to the organization. The court will consider whether to also require independent monitoring in a second phase of the trial that’s set to start July 15.
Estreicher is working closely on this motion to set aside the verdict, according to William A. Brewer III, the NRA’s lead outside attorney. Estreicher joins a legal team led by Brewer and other lawyers from his New York litigation boutique, Brewer Attorneys & Counselors. Partners Svetlana M. Eisenberg, Sarah B. Rogers, and Noah Peters have also worked on the case.
“He appreciates that the NYAG is pursuing many novel legal theories in support of the jury’s verdict, and that the NYAG’s pursuit of the NRA raises grave constitutional questions under the First Amendment,” Brewer said in a statement. “In particular, we have worked closely with Professor Estreicher on the pending motion to set aside the verdict.”
Read more here.
Bloomberg Law Reports on Sexual Harassment Lawsuit
November 13, 2023 – Bloomberg Law reports that former Polsinelli PC attorney Julia Rix urged a federal judge to allow her sexual harassment suit against the law firm to proceed.
Brewer, Attorneys & Counselors represents Rix. According to an opposition filing by Rix in the United States District Court for the District of Columbia, the dismissal motion by the firm and alleged harasser Gabriel Dabiri is a “desperate bid” to avoid “public scrutiny” of her claims of sexual harassment and retaliation, and an effort to avoid local human rights laws.
The firm and Dabiri “will be forced to contend with the misconduct alleged and their failure to investigate it properly,” William A. Brewer III, Rix’s attorney, added in a statement. “Rix believes the record—replete with late night overtures and sexual advances, followed by blatantly retaliatory actions—speaks for itself.”
To read more, click here.
Bloomberg Law Chronicles Legal Misfortunes of Case Against NRA
August 10, 2022 – Bloomberg Law reported today on the legal misfortunes of a plaintiff’s pursuit of Brewer client the National Rifle Association of America (NRA). The reporting notes the potential demise of a 2019 lawsuit filed by former NRA donor David Dell’Aquila.
According to the article, “The NRA contends the lawsuit is baseless.”
“The majority of Mr. Dell’Aquila’s claims have been rejected by the courts—evidence this is a frivolous pursuit,” NRA lawyer William A. Brewer III said in a statement. “The NRA’s commitment to good governance is clear.”
To read more, click here.
Bloomberg Law Reports on Discrimination Lawsuit Against Polsinelli Law Firm
On March 31, 2021, Bloomberg Law reported on a lawsuit filed by Brewer client Trey Monsour against Polsinelli PC law firm in the U.S. District Court for the Southern District of Texas alleging discrimination.
Bloomberg reported, "Polsinelli PC's push to increase its level of diversity and inclusion was just an empty attempt to shed its reputation as a Midwestern, 'good old boys' law firm, for which its 800-plus workforce pay 'the real-world consequences,' a gay former partner charges in a federal lawsuit in Texas."
Bloomberg reported that Monsour, a former Polsinelli bankruptcy partner who is gay, alleged in the lawsuit that he was treated differently from than other similarly situated non-LGBTQ Polsinelli employees. According to the suit, he was denied the assistance of junior attorneys and administrative support that almost all other newly hired partners received.
Bloomberg reported that the lawsuit charges that Polsinelli's commitment to diversity was "nothing more than a marketing ploy." The lawsuit alleges that he was discriminated against based on his sexual orientation and age.