Avangrid

KTMC brought claims by minority stockholders of Avangrid, Inc. (“Avangrid”) to challenge the take-private of Avangrid by its controlling stockholder, Iberdrola, S.A., for $34.25 per share (the “Squeeze-Out”).  Plaintiffs allege that the Squeeze-Out was negotiated by conflicted directors without adequate procedural protections against Iberdrola’s self-dealing, resulting in an unfair price to minority stockholders.  Plaintiffs further allege that stockholder approval of the Squeeze-Out was obtained by misleading disclosures.  The Supreme Court of New York dismissed Plaintiffs’ complaint.  Plaintiffs have appealed the decision and await the Appellate Division’s ruling following briefing and oral argument, which was completed in early June 2026.