The ruling goes against a bid by the mega-exhibitor to continue selling stock to reduce its high debt load.
With the aid of a report on the lawsuit from a Special Master, Corinne Elise Amato, the judge sided with plaintiffs that argued before the court the AMC Theatres board “breached their fiduciary duties by issuing and ‘weaponizing’ the preferred units,
thereby interfering with the common stockholders’ voting rights. Second, they contended AMC was statutorily required to provide the common stockholders with a class vote on the creation of the preferred units, and failed to do so,” the judgement states.
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