Court Sides With Emmis in Shareholder Case
A U.S. District Court has denied a request for a preliminary injunction by a group of Emmis preferred shareholders who claimed, among other things, that Emmis should not have bought back preferred stock without first paying dividends. The company stopped paying dividends on the preferred stock in 2008. Smulyan tells Radio Ink he is very very pleased." An Emmis shareholder meeting is scheduled for today to keep Emmis on the road to rebuild. The meeting was postponed until the judge made a ruling in this case.
The court said the plaintiffs failed to demonstrate that they'd have a reasonable likelihood of prevailing in court with their contention that Emmis violated the law and its own articles of incorporation, and therefore their request "failed to meet any of the threshold requirements for injunctive relief."
The ruling says, "At this preliminary stage of the litigation, Plaintiffs have failed to show that Defendants’ actions contravened either the [Indiana Business Corporation Law] or the relevant federal securities disclosure laws."
Emmis issued the following statement after the ruling: "We are gratified with the judge’s decision to deny the injunction request. Today’s ruling allows us to proceed with our shareholder meeting on Sept. 4th and maintain our focus on continuing improvements in our operating performance and delivering value for our shareholders."
Read the 50-page ruling here:
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