Two federal lawsuits claim that former Wawa employees were forced to sell shares of a company stock at a discount to help Wawa founders, the Wood family, regain majority control, writes Joseph N. DiStefano for The Philadelphia Inquirer.

Up to 1,200 former workers shared a $25 million settlement of a 2018 lawsuit to settle accusations they lost stock they were saving for retirement.   Wawa has not acknowledged wrongdoing when it agreed to settle the first suit.

The company is negotiating a second federal lawsuit settlement with a larger group claiming they were also forced to sell shares at a discount.

Spokesperson Lori Bruce said the company won’t comment on settled or ongoing litigation, or on Wood family plans.

The stock’s value has risen from $2,296 a share in 2009 to $6,940 in 2015 when workers were forced to sell —to $10,419, according to Wawa reports cited in the second lawsuit.

“To be clear, we are committed to remaining privately held and to sharing ownership with our associates through our ESOP,(Employee Stock Ownership Plan)” Bruce said. “We believe our ownership structure between the founding family and our associates is the foundation of our culture and our ongoing success.”

Read more about these lawsuits  here.

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