The Shareholders Foundation announces that an investor who currently holds shares of Darden Restaurants, Inc. (NYSE:DRI) filed a lawsuit against directors of Darden Restaurants, Inc in connection with the attempt to spin off its Red Lobster brand.
Investors who purchased shares of Darden Restaurants, Inc. (NYSE:DRI) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:DRI stockholders by attempting to improperly and unfairly trying to spin off its Red Lobster brand without giving shareholders a voice. The plaintiff claims that the company’s recent change in bylaws wrongfully impairs shareholders’ right to call a meeting and vote on the company’s plan to sell its Red Lobster.
Darden Restaurants, Inc. reported that its Total Revenue rose from over $7.99 billion for the 52 weeks period that ended on May 27, 2012 to over $8.55 billion for the 52 weeks period that ended on May 26, 2013 while its respective Net Income declined from $475.50 million to $411.90 million. Shares of Darden Restaurants, Inc. (NYSE:DRI) traded as high as $57.21 per share during September 2012, respectively as high as $54.33 per share in late 2013.
On April 29, 2014, NYSE:DRI shares closed at $50.21 per share.
Those who purchased shares of Darden Restaurants, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com