2023-03-20 08:35:48 ET
Ameriserv Financial ( NASDAQ: ASRV ) filed a lawsuit in an effort to block a shareholder's nomination of three candidates for the company's board, it said Monday.
The company said it's taking the action to protect itself and all stakeholders. Ameriserv ( ASRV ) alleges that Driver Opportunity Partners' Purported Notice contains material defects. In addition, the nomination of J. Abbott R. Cooper, who is founder and managing member of Driver Opportunity, does not comply with Ameriserv's interlocks bylaw that prohibits board members and nominees from maintaining concurrent directorships at other depository institutions.
The company is seeking a judgment that Driver's notice i s invalid and the firm should be prevented from soliciting proxies in connection with Ameriserv's ( ASRV ) annual meeting.
"The board believes allowing Driver to disregard AmeriServ’s bylaws and run a costly, distracting proxy contest to advance what appears to be its own short-term agenda runs counter to shareholders’ best interests," the company said Monday.
"When deciding to authorize this action, the board took into account Driver’s explicit threat to imminently sue AmeriServ and Driver’s history of using litigation to advance its own economic interests at the expense of its fellow shareholders," the company added.
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Ameriserv files lawsuit to stop activist nomination of three director candidates