Judge Rules For Emmis Against Preferred Shareholders
August 31, 2012 at 12:55 PM (PT)
The UNITED STATES District Court Southern District Of INDIANA -- INDIANAPOLIS Division has denied a request by a group of EMMIS preferred shareholders for a preliminary injunction against the company. The shareholders claimed, EMMIS should not have repurchased preferred stock without paying dividends.
The court wrote, "A hearing was held on JULY 31 and AUGUST 1, 2012, at which the parties presented evidence and oral argument. Having considered the parties' briefing, the documentary and testimonial evidence, and oral arguments, the Court hereby DENIES Plaintiffs' motion for injunctive relief."
Read the full ruling here.