Household, Consumer and Cosmetics Industry News Sample

Jun 19, 2002 02:04:51

SWISS ARMY: To Mount Vigorous Defense V. Securities Suits in DE Court

FREDERICK, Maryland (SunStream News) -- Swiss Army Brands, Inc. (Nasdaq:SABI) faces two securities class actions in the Delaware Court of Chancery for New Castle County. The suit names the Company, its officers and its majority stockholder, Victorinox AG as defendants, in connection with the proposal by Victorinox to purchase all of the outstanding shares of common stock of Swiss Army Brands not held by Victorinox and its affiliates. The lawsuits purport to be class actions on behalf of the public stockholders of the Company. The plaintiffs in these actions have asserted a variety of claims, including allegations that: (1) Victorinox's proposed offer price for the publicly held shares of the Company is unfair and grossly inadequate; and (2) officers and directors of the Company have breached their fiduciary duties to the public stockholders. The Company does not believe that these lawsuits state valid claims against it or any of its officers or directors, and intends to defend against the suit vigorously.

ss/bal

Source: Class Action Reporter

Publication Date: 2002-06-19

 

NWS:	LAW

COY:	SABI

IND:	HOU

GEO:	n-us-ct

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