Case News

Wawa ESOP Case News: Court Denies Defendants’ Motion to Dismiss

On October 6, 2016, the U.S. District Court for the Eastern District of Pennsylvania largely denied Defendants’ Motion to Dismiss in Pfeiffer v. Wawa, Inc., No. 16-497-PD, — F. Supp. 3d —, 2016 WL 5868098 (E.D. Pa. Oct. 6, 2016). Plaintiffs Greg Pfeifer and Andy Dorley allege that Wawa defendants violated the Employee Retirement Income Security Act (ERISA) by liquidating the Wawa stock held in the ESOP accounts of former Wawa employees in September 2015.  On behalf of a proposed class of former employees, Plaintiffs allege both that former employees had the right to continue to hold Wawa stock until age 68 and that the price paid for their stock in September 2015 was less than fair market value.  Plaintiffs are now proceeding with discovery.  Plaintiffs are represented by Dan Feinberg of Feinberg, Jackson, Worthman & Wasow LLP; R. Joseph Barton of Cohen Milstein Sellers & Toll PLLC; and Richard Donahoo of Donahoo & Associates PC.  For further information about this case, contact Dan Feinberg. A copy of the October 6 Order is here.