CT Teamsters local, a Darden shareholder, sues company for selling Red Lobster prematurely
SEAFOODNEWS.COM [CNBC] By John Jannarone - September 23, 2014
A Darden Restaurants shareholder filed suit against the company's board of directors on Monday, citing a recent CNBC.com article as evidence that the board brought harm to the company by selling its Red Lobster restaurant division.
The suit, filed in a Florida state court by Teamsters Local 443 Health Services & Insurance Plan of Connecticut, argues that the board of directors of the Florida-based company knowingly approved the sale of Red Lobster at a "fire sale" price in order to protect their jobs.
The suit alleges, "The Board knew at all relevant times that it was selling Red Lobster at an artificially low price to protect the Board members' directorships."
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