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Shareholder sues to stop Pomeroy buy

June 02, 2009

A Pomeroy IT Solutions Inc. (NASD: PMRY) shareholder filed a lawsuit to prevent the company from being bought by founder David Pomeroy II, according to a filing with the U.S. Securities and Exchange Commission. The suit claims directors breached their fiduciary duties when the company struck a deal to be acquired.

The lawsuit was filed by Kenneth Hanninen in Kentucky court.

The Hebron KY-based information technology services and staffing firm said it believes the suit is without merit and will defend itself.

Pomeroy announced last month it struck a deal to be acquired by David Pomeroy II for $5.02 a share for each share not already owned by Pomeroy or his wife. Pomeroy already owned 20% of the company. The deal was expected to close in the third quarter.