CINCINNATI, Jan. 10, 2012 /PRNewswire/ — The Cincinnati, Ohio-based law firm of Waite, Schneider, Bayless & Chesley Co., L.P.A. filed a corporate governance lawsuit in Reno, Nevada on behalf of James A. McIntyre, former Chairman of the Board of Fremont General against Fremont‘s successor company, Signature Group Holdings Inc. (OTC Pink Sheets: SGGH).
The lawsuit seeks a declaratory judgment from the Nevada court that McIntyre may exercise his rights to vote his shares at any shareholder meeting free of the Signature Board’s or officers’ threats to use a “poison pill”. McIntyre asserts that the “poison pill” threat is being used solely to entrench current management and to dilute both shareholders’ voting strength and the value of the shares held by shareholders who are opposed to current management’s and the Board’s performance.
“We have been litigating shareholder rights and corporate governance reform for years, but I have never seen any more blatant efforts to thwart basic shareholder rights than what the Signature Board and officers appear to be doing here,” said James R. Cummins, lead counsel for McIntyre and an attorney with Waite, Schneider, Bayless & Chesley Co., L.P.A. “The lawsuit hopefully will resolve this issue for Mr. McIntyre and for other shareholders of Signature who are similarly concerned,” added Cummins.
Waite, Schneider, Bayless & Chesley Co., L.P.A. is one of the nation’s leading shareholder class action litigation and corporate governance firms, successfully representing individual investors, public pension funds and private investment managers in shareholder actions for recovery of damages and corporate governance reforms.
Firm Contact: Stanley M. Chesley, James R. Cummins or Terry L. Goodman at 513-621-0267
SOURCE Waite, Schneider, Bayless & Chesley Co., L.P.A.