LAWSUITS NEWS & LEGAL INFORMATION
Fiscal Responsibility
Kansas City, MO: (Mar-16-08) Three lawsuits were brought against American Italian Pasta Co., also naming certain former or current officers and directors, alleging that its executives and directors had misrepresented fiscal data, giving the impression that the company was doing well even as sales slumped during the low-carbohydrate diet craze.
Company spokespersons announced that the company has reached an agreement to settle remaining civil lawsuits against the company and former or current officers and directors. Under the terms of the settlement, the Kansas City-based pasta maker agreed to make governance changes that include reviewing all board charters and governance principles, hiring a compliance officer and additional internal audit staff, and adopting a comprehensive code of conduct.
While not admitting any liability or wrongdoing, American Italian Pasta agreed to pay $1.5 million in legal fees and other costs, resolving the litigation. The AIPC, which is the largest producer of dry pasta in North America, also stated that it will hold an annual meeting after it has resolved its delinquent financial and proxy statements or restatements. [KANSAS CITY BUSINESS JOURNAL: AMERICAN ITALIAN PASTA AGREES TO SETTLE LAWSUITS]
Published on Mar-17-08
Company spokespersons announced that the company has reached an agreement to settle remaining civil lawsuits against the company and former or current officers and directors. Under the terms of the settlement, the Kansas City-based pasta maker agreed to make governance changes that include reviewing all board charters and governance principles, hiring a compliance officer and additional internal audit staff, and adopting a comprehensive code of conduct.
While not admitting any liability or wrongdoing, American Italian Pasta agreed to pay $1.5 million in legal fees and other costs, resolving the litigation. The AIPC, which is the largest producer of dry pasta in North America, also stated that it will hold an annual meeting after it has resolved its delinquent financial and proxy statements or restatements. [
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