Updated 3:30pm: Add judge signed order to set date.
AMC Entertainment (New York Stock Exchange:asset management company) up 23% After a Delaware judge agreed to hold a preliminary injunction hearing in late April to block the switch AMC Preferred Units – (ape) – converted to common stock. APE preferred stock down 6.9%.
An injunction hearing is scheduled for April 27. A vote on the share conversion will be allowed on March 14, according to court documents signed by Associate President of the Delaware Court of Chancery Morgan T. Zurn. A hearing scheduled for March 10 has been cancelled.
“Defendants shall not amend AMC’s certificate of incorporation as a result of any vote of shares at AMC’s March 14, 2023 special meeting (or any adjournment thereof), pending the court’s decision on plaintiff’s motion for preliminary injunction,” the court filing said.
The injunction hearing comes as the Allegheny County Employees’ Retirement System filed a class action lawsuit against AMC and its board members, including CEO Adam Allen, in Delaware Chancery Court last weekseek a temporary restraining order Opposed to a conversion vote planned for March 14.
Plaintiffs allege that AMC and its board of directors violated Delaware’s general corporate law and breached fiduciary duties.
asset management company (asset management company) The short interest rate is 23%.
AMC’s March 14 vote to convert preferred stock into common stock (and reverse stock split) resulted in The company’s common stock soared late last month.
asset management company (asset management company) will report fourth quarter results After the market closes on Tuesday.