Derivative Litigation Dismissed Against All Reading International Directors
21 Juin 2018 - 2:00PM
Business Wire
Reading International, Inc. (“Reading”) (NASDAQ: RDI, RDIB)
today announced that the Nevada trial court dismissed with
prejudice all claims asserted against Reading Directors Guy Adams,
Ellen Cotter and Margaret Cotter by James J. Cotter, Jr., in his
purported derivative litigation in the case of Cotter v. Cotter, et
al., Case No. A-15-719860-B (District Court of the State of Nevada
for Clark County). The District Court granted the summary judgment
motions from the bench on June 19, 2018, and a final order is now
being prepared. The previously announced July 9, 2018 trial date
has been vacated.
All claims against Directors Judy Codding, William Gould, Edward
L. Kane, Douglas McEachern and Michael Wrotniak were previously
dismissed with prejudice by the District Court’s order dated
December 28, 2017.
The dismissal with prejudice of claims against our Directors was
entered by the District Court over the protests of Mr. Cotter, Jr.,
and it is anticipated that Mr. Cotter, Jr. will likely appeal the
District Court’s decision. Mr. Cotter, Jr. has previously appealed
the District Court’s December 28, 2017 decision dismissing the
above named directors.
William Gould, Reading’s Lead Independent Director, commented,
“We are pleased with the Court’s ruling in favor of our Directors,
which represents a positive outcome for our company. With this
matter behind us, Reading remains well-positioned to execute on our
strategic plan and enhance stockholder value.”
About Reading International,
Inc.
Reading International, Inc. (NASDAQ: RDI, RDIB) is a leading
entertainment and real estate company, engaging in the development,
ownership and operation of multiplex cinemas and retail and
commercial real estate in the United States, Australia and New
Zealand.
The family of Reading brands includes cinema brands Reading
Cinemas, Angelika Film Centers, Consolidated Theatres, and City
Cinemas; live theaters operated by Liberty Theatres in the United
States; and signature property developments, including Newmarket
Village, Auburn Red Yard and Cannon Park in Australia, Courtenay
Central in New Zealand and 44 Union Square in New York City.
Additional information about Reading can be obtained from the
Company's website: http://www.readingrdi.com.
Forward-Looking
Statements
Our statements in this press release contain a variety of
forward-looking statements as defined by the Securities Litigation
Reform Act of 1995. Forward-looking statements reflect only our
expectations regarding future events and operating performance and
necessarily speak only as of the date the information was prepared.
No guarantees can be given that our expectations will in fact be
realized, in whole or in part. You can recognize these statements
by our use of words such as, by way of example, “may,” “will,”
“expect,” “believe,” and “anticipate” or other similar
terminology.
These forward-looking statements reflect our expectation after
having considered a variety of risks and uncertainties. However,
they are necessarily the product of internal discussion and do not
necessarily completely reflect the views of individual members of
our Board of Directors or of our management team. Individual Board
members and individual members of our management team may have
different views as to the risks and uncertainties involved, and may
have different views as to future events or our operating
performance.
Among the factors that could cause actual results to differ
materially from those expressed in or underlying our
forward-looking statements are the issuance by the Nevada District
Court of the its final order and the outcomes of rulings by trial
or appellate courts considering the matters discussed herein.
In addition to the forward-looking factors set forth above, we
encourage you to review Item 1A. “Risk Factors,” from our Company’s
Annual Report on SEC Form 10-K for the Year Ended December 31, 2017
(as amended on Form 10-K/A), our Quarterly Reports on SEC Form 10-Q
and other filings we may make under the Securities Exchange Act of
1934, from time to time.
Finally, we undertake no obligation to publicly update or to
revise any of our forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required under applicable law. Accordingly, you should always note
the date to which our forward-looking statements speak.
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version on businesswire.com: https://www.businesswire.com/news/home/20180621005259/en/
Reading International, Inc.Dev Ghose, Executive Vice President
& Chief Financial OfficerAndrzej Matyczynski, Executive Vice
President for Global Operations(213) 235-2240
Reading (NASDAQ:RDIB)
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