Zolak
Ameriserv Finance (NASDAQ:Socialist Republic of Vietnam) filed a lawsuit in an attempt to block the nomination of a shareholder among three candidates for the company’s board, it said Monday.
The company said it is taking action to protect itself and all parties involved. USA (Socialist Republic of Vietnam) alleges that the Driving Opportunity Partner’s Intentional Notice contains serious defects. In addition, the nomination of J. Abbott R. Cooper, founder and managing member of Driver Opportunity, does not comply with Ameriserv’s tight affiliation policy that prohibits board members and nominees maintain the position of director concurrently at other depository institutions.
The company is seeking a ruling that the driver informed mes is not valid and the company should be prevented from soliciting authorized persons related to (Socialist Republic of Vietnam) annual meeting.
“The Board of Directors believes that allowing Driver to flout AmeriServ regulations and conduct an expensive, distracting authorization contest to advance what appears to be their own short-term agenda goes against the best interests of shareholders,” the company said Monday.
“In deciding to authorize this action, the board took into account Driver’s apparent threat to sue AmeriServ and Driver’s history of using litigation to promote its own economic interests at the expense of AmeriServ. shareholder fees,” the company added.
