Sitnasuak Native Corporation (Sitnasuak) announced today that it has filed a lawsuit in the Superior Court for the State of Alaska, Third Judicial District at Anchorage. The complaint alleges that three Sitnasuak directors:
“Breached their fiduciary duties of loyalty and care to Sitnasuak by, among other actions, participating in a coordinated scheme to send an anonymous proxy solicitation to Sitnasuak shareholders in violation of Alaska securities law. The anonymous proxy solicitation misinformed Sitnasuak shareholders and damaged the corporation.”
The complaint requests:
“Removal of these three Directors from office and damages to compensate Sitnasuak for the harm caused by their illegal conduct.”
“Our number one priority is to protect the rights of all shareholders and we cannot do that if our elections are compromised,” said Chairman Bobby Evans. “Today, we must look to the future and work together to protect our shared legacy while strengthening our values.”
“In order to comply with state securities law, Sitnasuak Native Corporation needed to take appropriate legal actions to protect shareholders’ rights and the integrity of future elections,” said Howard Trickey of Holland & Knight LLP, the law firm representing Sitnasuak.
The new date for the Sitnasuak annual meeting will be September 30, 2017. The date of the meeting was changed because Sitnasuak did not have a quorum as required by Alaska state law at the original June 3rd meeting.