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Reading shareholders withdraw derivative lawsuit

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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.