MONRO REPORTS LAWSUITS TO BE DROPPED BY PLAINTIFFS
MONRO REPORTS LAWSUITS TO BE DROPPED BY PLAINTIFFS ROCHESTER, N.Y., May 14 /PRNewswire/ -- Monro Muffler Brake, Inc.
(NASDAQ: MNRO), announced today that plaintiffs in two lawsuits commenced against the company, its directors, certain of its officers, certain shareholders, and the underwriters of its initial public offering, have decided to withdraw their claims. The lawsuits, which had been brought in federal court as purported class actions, asserted claims under federal and state law in connection with sale of shares in the public offering. Plaintiffs' counsel have indicated their intention to file dismissal papers this week because "we believe it unlikely that we will prevail."
Monro operates a chain of shops providing automotive undercar repair services in the United States. The company currently operates 162 shops in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia and Maryland. Monro's shops provide a full range of services for exhaust systems, brakes, steering, suspension and wheel alignment. -0- 5/14/92 /CONTACT: Jack M. Gallagher, president and CEO, or Jarret J. Lobb, vice president-finance and CFO of Monro Muffler Brake, 716-427-2280, or Laurie N. Terry of Howard J. Rubenstein Associates, 212-489-6900, for Monro Muffler Brake/ (MNRO) CO: Monro Muffler Brake, Inc. ST: New York IN: REA SU:
PS -- NY006 -- 0054 05/14/92 09:07 EDT
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|Date:||May 14, 1992|
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