Hey, maybe somebody read my posts. I haven't seen this complaint but it seems more like what I suggested as opposed to the typical cookie cutter class action crap which gives pennies to shareholders, lets the crooks go free with assets protected and kills the company, all the while millions in legal fees get split up.
ITEM 8.01 OTHER EVENTS
On June 29, 2005, the Company and all of its current directors and certain of its former officers and directors were named in a purported derivative action brought by a shareholder of the Company on behalf of the Company. The complaint alleges that the individual defendants (i) breached their fiduciary duties,
(ii) abused their ability to control and influence the Company, (iii) grossly mismanaged the Company, (iv) wasted the Company's corporate assets, and (v) were unjustly enriched. The complaint specifically alleges that Edward G. Newman, the Company's former Chairman of the Board and Chief Executive Officer, breached his fiduciary duties for insider selling and for the misappropriation of non-public information.
The Company cannot predict the outcome of this purported derivative action or estimate the possible effects on the financial condition or results of operations of the Company.
The Company continues to face a severe liquidity crisis and possible insolvency. |
