LAWSUITS NEWS & LEGAL INFORMATION
Applebee's Proxy Statement
Los Angeles, CA: (Mar-02-08) A shareholder lawsuit was brought against Applebee's International Inc., a Overland Park, KS based company, alleging that it failed to put required information in its proxy statement. Records show that the company was acquired by IHOP Corp., based in Glendale, on Nov. 29, 2007 for $2.04 billion. In a recent development in the case, reports verified that a Delaware court approved a settlement of the shareholder lawsuit against Applebee's International Inc.
As part of the deal, a judge in the Delaware Chancery Court awarded the union about $358,000 in attorney's fees and expenses. IHOP spokespersons said that costs for its purchase of Applebee's caused losses for the fourth quarter and full year despite higher revenue for both periods compared with the prior year. Additionally, as per the terms of the settlement agreement, Applebee's was ordered to put more information in its proxy statement. [LOS ANGELES BUSINESS JOURNAL: PROXY STATEMENT]
Published on Mar-3-08
As part of the deal, a judge in the Delaware Chancery Court awarded the union about $358,000 in attorney's fees and expenses. IHOP spokespersons said that costs for its purchase of Applebee's caused losses for the fourth quarter and full year despite higher revenue for both periods compared with the prior year. Additionally, as per the terms of the settlement agreement, Applebee's was ordered to put more information in its proxy statement. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Mar-3-08
