trending Market Intelligence /marketintelligence/en/news-insights/trending/PPF5GhtmYyv5uagbTLvJMw2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Reading shareholders withdraw derivative lawsuit


Charter, DIRECTV and Comcast rank as the top 'RSN-friendly' MVPDs

TMT News & Research: 2020 Recap

Quibi's $2 billion bet on mobile video fizzles out

Cable nets struggle with cash flow declines due to cord cutting, pandemic

Reading shareholders withdraw derivative lawsuit

ReadingInternational Inc. shareholders Whitney Tilson and Jonathan Glaser,representing about 3.6% stake in the company, withdrew all their claims in aderivative lawsuit againstthe company's board.

Reading International's board was sued over a family disputethat led to a CEO change in June 2015. James Cotter Jr., who was terminated aspresident and CEO of Reading International in June 2015, sued the board on June12, 2015 amid his family dispute with his sisters Margaret and current interimCEO Ellen, who are both serving as directors. Tilson and Glaser intervened thenin the lawsuit, filing a derivative action against the board for allegedlybreaching their fiduciary duties by allowing disputes in the Cotter family tospill over into the boardroom.

The plaintiffs have agreed that the company's board hasacted in good faith and is committed to act in the interests of itsstockholders, according to a July 13 press release.

The parties will petition the court for approval of thesettlement.