DAVIDsTEA Announces Discontinuance of Highland Lawsuit
October 24 2018 - 4:30PM
DAVIDsTEA Inc. (Nasdaq:DTEA) is pleased to announce that a lawsuit
instituted in July 2018 by three Highland limited partnerships
against Rainy Day Investments Ltd. (“RDI”) and Herschel Segal
before the Québec Superior Court has been discontinued. The
lawsuit had named DAVIDsTEA and its individual directors as third
parties. RDI owns approximately 46.4% of the issued and
outstanding shares of DAVIDsTEA and is controlled by
Herschel Segal, Executive Chairman and Interim Chief Executive
Officer of DAVIDsTEA.
“As I said before, this was a frivolous
lawsuit. We are pleased that it was withdrawn by the
plaintiffs, so that we will not be distracted from the important
work in front of us on behalf of our shareholders” said
Herschel Segal.
The lawsuit had sought a variety of orders from
the Québec Superior Court, including an order to call a special
meeting of shareholders for the purpose of electing a new Board of
Directors.
About DAVIDsTEA
DAVIDsTEA is a retailer of specialty tea,
offering a differentiated selection of proprietary loose-leaf teas,
pre-packaged teas, tea sachets and tea-related gifts, accessories
and food and beverages, primarily through 239 company-operated
DAVIDsTEA stores throughout Canada and the United States as of
August 4, 2018, and its website, davidstea.com. The
Company is headquartered in Montréal, Canada.
Investor ContactMaisonBrison CommunicationsPierre
Boucher514-731-0000investors@davidstea.com |
|
Media ContactLyla
Radmanovich514-845-8763media@rppelican.ca |
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