Lightfoot Obtains Summary Judgment for Westervelt Company
Jan 6, 2012
Lightfoot obtained summary judgment on behalf of the outside and independent directors of Westervelt Company, formerly Gulf States Paper Company, in a shareholder lawsuit alleging board misconduct and oppression of minority shareholders in connection with a recapitalization that split the voting stock into both voting and non-voting shares. Suit was brought by a group representing approximately 30% of the equity of the company and naming as defendants the five outside directors as well as the Chairman and controlling shareholder. After extensive discovery, the Honorable Robert Vance, Jr. entered summary judgment dismissing all claims against our clients. The matter is currently under appeal by plaintiffs to the Alabama Supreme Court. The Lightfoot lawyer involved was Glenn Waldrop.