Recently the New York Times filed a motion to disclose court documents that confirm Mitt Romney’s former firm Bain Capital colluded with its competitors in fixing the acquisition prices of multi-billion dollar companies such as the hospital giant HCA. In this Federal District Court class-action shareholders suit filed in 2007, heavily redacted court documents reveal that companies such as Toys-R-Us, Lowes, Michaels Stores, Univision and AMC Theatres were all victims of organized fraud and collusion among 11 of the 19 largest buy-out firms in the world including Bain Capital, Goldman Sachs’ and The Blackstone Group.
These buy-out firms lowered their acquisitions to billions of dollars below market value by convincing competitors to stand-down for the promise of later dividing the individual companies and profiting on the loss to shareholders.
While Bain’s investments have done increasingly well, such profits have come at a cost not only to shareholders but also in the form of jobs lost to American citizens. However, Bain and its unofficial partners continue to hold the position that they have done these victim shareholders and corporations a favor while also seeking to seal corporate records from the public under what has been deemed “confidential competitive information” of the firms.
Evans Law Firm, Inc. represents plaintiffs in Securities and Stockbroker Fraud. If you feel you have been a victim of Securities or Stockbroker Fraud, contact Evans Law Firm, Inc. at 415-441-8669 or e-mail firstname.lastname@example.org for a free and confidential consultation.