In 2006, the Technical Associates ESOP purchased all outstanding shares of Technical Associates stock. The ESOP owned 100% of company stock until the 2011 Refinancing. The Complaint alleges that in connection to the 2011 Refinancing Defendants John F. Hogue, Jr. and Graham Thompson, the Trustees of the ESOP, breached their fiduciary duty and engaged in prohibited transactions by secretly obtaining a significant share of company stock and thereby diluting the value of the ESOP’s stock. Additionally, the Complaint also alleges that Defendants Hogue and Thompson concealed their acquisition of the stock by failing to disclose in writing that the ESOP no longer owned 100% of company stock after the 2011 Refinancing.

This lawsuit is brought on behalf of the following class:

Participants in the Technical Associates ESOP on or after the date stock was issued to Defendants Hogue and Thompson in connection with the 2011 Refinancing who vested under the terms of the Plan (or ERISA) and those participants’ beneficiaries.

Excluded from the Class are Defendants and their immediate families, any other fiduciary of the Plan and his or her immediate family; the officers and directors of Technical Associates and their immediate family, and legal representatives, successors, and assigns of any such excluded persons.

The Complaint was filed on January 29, 2019. The Amended Complaint was filed on April 19, 2019. Defendants filed a Motion to Dismiss on May 24, 2019.

On March 16, 2020, the Court denied Defendants' Motion to Dismiss. Discovery is currently ongoing.

Plaintiffs filed their Motion for Class Certification on July 29, 2020. The Motion for Class Certification was granted on March 2, 2021.

Order on Class Certification - March 2, 2021

Motion for Class Certification - July, 29, 2020

Amended Complaint - April 19, 2019

Complaint - January 29, 2019