AMC shareholder sues to force company to hold annual meeting
An AMC Entertainment Holdings Inc. $AMC Entertainment(AMC.US$ shareholder sued the theater chain in Delaware court on Monday, saying AMC is late in holding its annual meeting where shareholders elect members of the company's board.
Individual shareholder Kevin Barnes said in the lawsuit that AMC is required by its corporate bylaws to hold a meeting each year, and that its last annual meeting was on June 16, 2022. He asked the Delaware Chancery Court to require AMC to hold its next annual meeting by Aug. 18.
Delaware law protects shareholders' right to attend annual meetings, and gives them the right to sue if a meeting has not been held in the last 13 months.
The state's top appeals court ruled in 2020 that courts can deny requests for a shareholder meeting only when there are "exceptional reasons".
The state's top appeals court ruled in 2020 that courts can deny requests for a shareholder meeting only when there are "exceptional reasons".
Barnes said in the lawsuit that two of the company's nine-member board of directors were appointed by the company without a shareholder election. $AMC Preferred Equity Unit(APE.US$
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LEGEND OG : it's just to delay hopefully they past it
LEGEND OG : there are exceptions for causing a delay which is they have been having to go to court already which takes lots of time so they have a good argument going for them.
JulianMackieOP LEGEND OG: Everything seems so helpless.