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Herrick Foundation
Lenawee County Court Grants Preliminary Injunction to Stop Planned Stock Split by Tecumseh Products Company
January 11th, 2009
Herrick Foundation prevailed today in a lawsuit in Lenawee County (Mich.) Court in its effort to seek preliminary injunctive relief from the decision by Tecumseh Products Company (NASDAQ: TECUA)(NASDAQ:TECUB) to declare a 3-for-1 stock split effective December 31, 2008. Lenawee County Judge Timothy P. Pickard granted the injunction against the stock split that would have reduced all of the company's Class B shareholders' voting rights from 100% to 27% -- without the consent or vote of Tecumseh's Class B shareholders. "The judge's decision has vindicated the Herrick Foundation's position that it is Tecumseh's illegal and inequitable acts wasting valuable company...
Source: Pharma Investments, Ventures & Law Weekly (2009-01-11)
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