Judge blocks AMC settlement over contested stock conversion plan
- AMC faced a lawsuit alleging it rigged a shareholder vote to convert preferred shares to common shares.
- The proposed settlement would have allowed AMC to issue more shares.
- The judge rejected the settlement because it would release claims by some preferred shareholders.
- After the ruling, AMC common shares rose while preferred shares dropped.
- Objectors sought permission to sue AMC on their own behalf over the contested plan.
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