When a publisher goes public and its owner’s future is in the spotlight, its fate can also become the next major thing.
That is the case with the publisher Alfred Music Publishing.
The publishing house went public this past weekend and is headed for a major IPO that could raise more than $10 billion in cash and stock.
For its first two years, the company has generated $300 million in revenue, according to filings.
The company has also been the subject of several class action lawsuits over the past year.
Last year, the California Superior Court ruled that the company had violated the state’s “fair use” law when it printed the song “Innocent until proven guilty.”
It also ordered the company to pay $4.5 million in damages to a former employee.
The case came to the attention of federal prosecutors, who in July 2014, brought a civil action against the company for allegedly defrauding investors of millions of dollars.
The company responded by issuing a $3.3 million settlement in January, which was partially funded by a federal grant.
The California lawsuit, filed by the American Civil Liberties Union, was one of two brought by the ACLU against the publishing house.
The other was filed by two students who had been forced to drop out of college because of the lawsuit.
The students were not among the plaintiffs in the first lawsuit, but were among the more than 1,000 who joined the second one last year.
The ACLU filed the suit last summer after the second class action suit was dismissed in November.
The two lawsuits filed against the Alfred Music publishing company were filed in California Superior Courts in Riverside, Los Angeles, and Riverside County, California.
The second lawsuit, which names the company as the publisher of the song, is being filed in New York.
The New York suit was filed in October and is seeking $5 million.
The Los Angeles suit was submitted in April and is looking for an additional $5.5 billion.
Alfred Music Publishing declined to comment for this story.
The ACLU said the settlement, if approved by the court, would mean the publishing company’s future would be in the public eye for years to come.
“If the lawsuit goes forward, the public will see how the company’s actions have affected a number of students and students’ families,” said attorney John J. Biederman, who is leading the New York lawsuit.
“It would be unfair for the public to know that this case is a result of the actions of a few, especially when the actions were undertaken under false pretenses.”
The settlement provides a public accounting for the fact that these claims are now being pursued in the courts.
It provides a path forward for the students and their families.
“The California case is also expected to be filed in Washington state, which also has similar claims.