LAWSUITS NEWS & LEGAL INFORMATION
Expanded Earnings
Worcester, MA: (Mar-24-08) A lawsuit was brought against Littleton-based equestrian retailer Dover Saddlery Inc., over the company's financial advisory services before the company's 2005 IPO. Sources close to the case stated that the company reached a settlement with the plaintiff, in which it paid out $600,000 to resolve allegations. Additionally, company spokespersons said that the company paid additional interest because of its operation's growth.
As a result of the settlement, Dover stated that it saw a 43% drop in net income in 2007. Reports state that for the fourth quarter, Dover reported profits of $920,000 in 2007, up 67 percent from the same quarter in 2006. The company, which does most of its business by mail and online, attributed the higher fourth-quarter net income to an expansion of its retail store business, as well as savings in marketing expenses. [WORCESTER BUSINESS JOURNAL: SUIT SETTLEMENT PUSHED DOVER SADDLERY PROFITS DOWN]
Published on Mar-25-08
As a result of the settlement, Dover stated that it saw a 43% drop in net income in 2007. Reports state that for the fourth quarter, Dover reported profits of $920,000 in 2007, up 67 percent from the same quarter in 2006. The company, which does most of its business by mail and online, attributed the higher fourth-quarter net income to an expansion of its retail store business, as well as savings in marketing expenses. [
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