Before December 31, 2018, Ritchie Holding’s largest client announced that they were making changes that would decrease Ritchie Holding’s market share and revenue. Despite these changes, the owners of Ritchie Holdings sold the Company to the ESOP on December 31, 2018 for $19,573,000 for 2 million shares of Company stock. Had the company executives provided this information to the ESOP’s advisors and the Trustee performed a prudent investigation, the ESOP would not have purchased the Company stock for more than fair market value.

This lawsuit is brought on behalf of the following Class:

All participants in the ESOP from December 31, 2018, or any time thereafter (unless the participant terminated without vesting) and those participants’ beneficiaries.

Excluded from the Class are (a) Defendants, (b) any fiduciary of the Plan; (c) the officers and directors of Ritchie Trucking or of any entity in which the individual Defendants have a controlling interest; (d) the immediate family members of any of the foregoing excluded persons, and (e) the legal representatives, successors, and assigns of any such excluded persons.

The Complaint was filed on December 30, 2021.

Complaint - December 30, 2021