78.4 F
San Diego
Saturday, Sep 24, 2022
-Advertisement-

Major Shareholder Gets Seat on AMS Board

Advanced Marketing Services Inc., a San Diego-based distributor of books, announced it appointed a 7 percent shareholder who had threatened a proxy fight to its board of directors.

The company that has been under investigation for fraudulent accounting practices since 2003 said Nov. 28 that the board appointed Robert E. Robotti and its president and chief executive officer, Gary M. Rautenstrauch, who was hired in May, to the board of directors.

Robotti was also appointed to the board’s governance and nominating committee and the compensation committee.

Robotti, managing director for Ravenswood Management Co. in New York, owned through a variety of entities a 7 percent stake in AMS, and notified the company this summer that he was unhappy with the lack of information and decisions by the company. He also demanded to be appointed, along with his wife and an employee, to the board.

- Advertisement -

As part of an agreement Robotti struck with the board, he agreed to terminate the planned proxy fight that would have been staged at AMS’ shareholders meeting Jan. 24.

AMS delisted its stock from the New York Stock Exchange this year and is now traded on the Pink Sheets. It was trading at $2.80 Nov. 29 and has ranged from $2.35 to $4.70 in the past 52 weeks.

, Mike Allen

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-