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Herrick Foundation
Herrick Foundation Files Lawsuit Against Tecumseh Products Company Claiming Illegal Stock Split
December 27th, 2008
Herrick Foundation filed a lawsuit in Lenawee County (Mich.) Court today to seek injunctive relief from the decision by Tecumseh Products Company (NASDAQ:TECUA)(NASDAQ:TECUB) to declare a 3-for-1 stock split effective on December 31, 2008. The stock split, which two board members voted against, is the Board's third unlawful effort to interfere with voting rights, according to Herrick Foundation spokesman Jeff Caponigro. Herrick Foundation has repeatedly objected to the manipulation by Tecumseh's Board intended to limit shareholders' rights. The stock split has the direct and intended effect of significantly reducing Herrick Foundation's voting interest in Tecumseh from...
Source: Law & Health Weekly (2008-12-27)
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