Attorney here.
I do not "suck scum." However, (1) I am not [yet] involved in any CAWS suit, (2) I own shares, and (3) I am *not* selling.
Class action lawsuit basics: If you fit the class requirements, having bought CAWS shares during the specified time periods, you can either join the lawsuit within 60 days or do nothing.
If you join the suit ("join the class"), you will be bound by the outcome of the lawsuit and cannot pursue other claims against CAWS for these (alleged) damages. If you do not join the class (do nothing), you remain free to do what you like (i.e. file your own suit).
The suit was filed in federal court in the Northern District of New York, which is in Albany, I believe.
Yes, firms can be over-zealous in finding plaintiffs to sue for securities violations, but usually in cases of companies with "deep pockets." That is, big companies with big bank accounts that can afford to either pay a big verdict or a big settlement. CAWS doesn't strike me as such a great defendant.
If the suit moves forward, CAWS must decide whether to litigate or settle. Either way, the CAWS bottom line loses.
BTW, I would be honored to assist the S&Z organization as corporate counsel. My first analysis: a quick settlement would increase chances of a BANX agreement!
AK
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