(Reuters) – An AMC Leisure (NYSE:) Holdings Inc. shareholder sued the theater chain in Delaware court docket on Monday, saying AMC is late in holding its annual assembly the place shareholders elect members of the corporate’s board.
Particular person shareholder Kevin Barnes mentioned within the lawsuit that AMC is required by its company bylaws to carry a gathering every year, and that its final annual assembly was on June 16, 2022. He requested the Delaware Chancery Courtroom to require AMC to carry its subsequent annual assembly by Aug. 18.
An AMC spokesperson didn’t instantly reply to requests for touch upon Monday.
Delaware regulation protects shareholders’ proper to attend annual conferences, and provides them the proper to sue if a gathering has not been held within the final 13 months.
The state’s high appeals court docket dominated in 2020 that courts can deny requests for a shareholder assembly solely when there are “distinctive causes”.
Barnes mentioned within the lawsuit that two of the corporate’s nine-member board of administrators had been appointed by the corporate with out a shareholder election.
He accused AMC of “suboptimal governance,” that has led to “frequent litigation” by AMC shareholders, together with a lawsuit the place holders of AMC widespread inventory sued to dam a inventory conversion plan.
A Delaware choose is at present contemplating a proposed settlement in that lawsuit which might enable the inventory conversion to go ahead.
On the final annual assembly, shareholders voted towards AMC’s proposed government compensation together with that of high boss Adam Aron.The case is Barnes v. AMC Leisure Holdings Inc., No. 2023-0718, within the Delaware Courtroom of Chancery.
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