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Fortune Says Buyout Lawsuit Dismissed

September 04 2012

Fortune Industries Inc. (AMEX: FFI), a provider of professional employer organization services, reported that a lawsuit filed against the firm and others over a proposed management-led buyout has been dismissed with prejudice.

Because the action was dismissed with prejudice, the plaintiff cannot file another lawsuit on this claim. Fortune Industries also reported that neither the plaintiff in this lawsuit nor his counsel received payment in connection with the dismissal.

The lawsuit alleged that Fortune’s board of directors breached their fiduciary duties to stockholders in connection with the proposed management-led buyout of the company, according to Fortune Industries.

The case was “Mark Haagen, individually and on behalf of others similarly situated v. Tena Mayberry, Carter M. Fortune, Paul J. Hayes, David A. Berry, Richard F. Suja, Fortune Industries Inc., CEP Inc. and CEP Merger Sub Inc.”

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