Friendly Ice Cream Corporation Announces That the Court Dismisses the Blake Litigation against the Company's Independent Directors.WILBRAHAM, Mass. -- Friendly Ice Cream Corporation (AMEX AMEX See: American Stock Exchange : FRN FRN See: Floating-rate note ) today announced that the Hampden County Superior Court dismissed S. Prestley Blake's derivative lawsuit as against the Company's independent directors, Michael Daly, Steven Ezzes and Burton Manning, and as against one of its former independent directors, Charles Ledsinger. The Court ruled that Blake's complaint alleged no facts suggesting that these outside directors violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. any fiduciary duty Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary legal duty - acts which the law requires be done or forborne of loyalty or of good faith owed to Friendly's shareholders or that any of these directors received any improper personal benefit. Gregory A. Pastore, the Company's Vice President and General Counsel, stated, "We are pleased with the Court's decision to dismiss the lawsuit against the Company's independent directors. This lawsuit has been an unnecessary distraction to the Company and we look forward to the full conclusion of the Blake litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ." About Friendly Ice Cream Corporation Friendly Ice Cream Corporation is a vertically integrated restaurant company serving signature sandwiches, entrees and ice cream desserts in a friendly, family environment in over 520 company and franchised restaurants throughout the Northeast. The Company also manufactures ice cream, which is distributed through more than 4,500 supermarkets and other retail locations. With a 71-year operating history, Friendly's enjoys strong brand recognition and is currently remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling its restaurants and introducing new products to grow its customer base. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion