Martha Stewart -- Scourge or Scapegoat Message Board

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Non-Tech : Martha Stewart -- Scourge or Scapegoat

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To: Glenn Petersen who wrote (62)	10/5/2003 11:16:12 AM
From: Glenn Petersen	of 165

Shareholder Suit Against Stewart Dismissed nytimes.com October 4, 2003 By BLOOMBERG NEWS Martha Stewart and other directors of her company have won dismissal of a lawsuit by an investor who contended the company was harmed by her questionable stock sales. Judge William B. Chandler III of Delaware Chancery Court ruled that directors of Martha Stewart Living Omnimedia Inc. had no legal obligation to monitor the personal activities of Ms. Stewart, who faces federal charges of obstruction of justice and securities fraud in connection with her sale of $228,000 in ImClone Systems stock in 2001. Ms. Stewart, the company's former chief executive, has denied charges she conspired to obstruct an investigation into the stock sale. "It's troubling," the judge wrote in an ruling made public today, that shareholders' lawyers continue to file such lawsuits "on the basis of precious little investigation beyond perusal of the morning newspapers." The case was filed a year ago by Monica Beam, who contended that Ms. Stewart damaged the company and its shareholders by her actions and that other directors had a duty to ensure she did not imperil the company's value.

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