Business Services Industry
Suit by Lazard Affiliate Claims ARV Annual Meeting Invalid
Business Wire, Dec 18, 1998
COSTA MESA, Calif.--(BUSINESS WIRE)--Dec. 18, 1998--ARV Assisted Living Inc. (AMEX: SRS) Friday announced that a lawsuit has been filed in the Delaware Chancery Court by Prometheus Assisted Living LLC, an affiliate of Lazard Freres Real Estate Investors, LLC, against the company and two of its directors, Howard G. Phanstiel, chairman and chief executive officer, and John A. Booty.
The lawsuit seeks a determination that the annual meeting of stockholders of the company held in June 1998 was invalid and that, accordingly, the election of the named individual directors was invalid. Prometheus asserts that several of the proxies presented at the meeting were improperly counted. The company is reviewing the lawsuit.
Founded in 1980, ARV is one of the largest providers of assisted living services in the nation, currently operating 64 communities comprising approximately 8,000 units in 11 states. In addition, the company has seven properties in various stages of development.
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