Penske Automotive resolves stock buyback lawsuit through voting agreement

Penske Automotive

January 26, 2024 04:04 PM

A Penske Automotive Group Inc. shareholder has filed a plan to voluntarily drop a lawsuit against the auto retailer after Penske entered into a voting agreement. The lawsuit alleged the auto retailer's board allowed CEO Roger Penske to gain voting majority control of the company through $1 billion in stock buybacks.

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