LAWSUITS NEWS & LEGAL INFORMATION
Red Robin Gourmet Burgers Inc.
Denver, CO: (May-24-07) A shareholders securities lawsuit was filed against Red Robin Gourmet Burgers Inc., alleging that the Greenwood Village company withheld adverse financial information that resulted in losses for its investors. Red Robin Gourmet Burgers agreed after mediation, to sign a memoranda of understanding to settle the lawsuits. The lawsuits were filed in 2005 after the company's stock price fell.
As part of the settlement, Red Robin will pay $1.5 million, which will be covered by insurance, to settle one shareholder lawsuit. In another, the plaintiff's counsel will get $250,000, which also is covered by insurance, and the company will agree to adopt certain corporate governance measures. Red Robin disclosed the settlement agreements in its financial results for the 16 weeks ended April 22, which is the company's first quarter of fiscal 2007. Earnings were flat, with diluted earnings per share 44 cents in the quarter and a year earlier. [MILWAUKEE BUSINESS JOURNAL: RED ROBIN INVESTORS]
Published on May-26-07
As part of the settlement, Red Robin will pay $1.5 million, which will be covered by insurance, to settle one shareholder lawsuit. In another, the plaintiff's counsel will get $250,000, which also is covered by insurance, and the company will agree to adopt certain corporate governance measures. Red Robin disclosed the settlement agreements in its financial results for the 16 weeks ended April 22, which is the company's first quarter of fiscal 2007. Earnings were flat, with diluted earnings per share 44 cents in the quarter and a year earlier. [MILWAUKEE BUSINESS JOURNAL: RED ROBIN INVESTORS]
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