On the same day the glitzy Harman Center for the Arts celebrated its grand opening in Washington, D.C., Sidney Harman, the center's namesake and a well-known purveyor of high-end audio equipment, was sued in federal court. The suit was filed by stockholders who say Harman lied about the health of his company to push through a merger that could have heaped more than $400 million in his lap. After the $8 billion buyout fell through, the company's stock prices plunged nearly 30 percent.
October 11, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
On the same day the glitzy Harman Center for the Arts celebrated its grand opening in Washington, D.C. (a must-attend for the city’s high society), Sidney Harman, the center’s namesake and a well-known purveyor of high-end audio equipment, was sued in federal court.
The suit was filed last week by a group of stockholders who say Harman lied about the health of his company to push through a merger that could have heaped more than $400 million in his lap.
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