| A class action lawsuit seeking to stop Rubio's Restaurants selling to the Meruelo Group has been responded to by the company, stating that they have never had any arrangement to sell any stock or assets to said Group. The statement declared that the Rubio's board had rejected an unsolicited proposal from Meruelo, and that the company will defend against the lawsuit. "The Company denies the allegations and claims in the recently filed lawsuit. The lawsuit inaccurately asserts that the Company's officers and directors breached their fiduciary duties in connection with the Company's receipt of an unsolicited proposal to acquire all of the Company's outstanding common stock by a group consisting of Alex Meruelo and his affiliates and Levine Leichtman Capital Partners IV, L.P. The lawsuit seeks to enjoin the Company and its directors and officers from consummating a sale of the Company to the Meruelo Group. The Company does not have, and has never had, an agreement or arrangement to sell any stock or assets to the Meruelo Group. Today, the Company announced that its Board of Directors had rejected the unsolicited proposal from the Meruelo Group after unanimously determining that the proposal was not in the best interests of the Company's stockholders. The Company intends to vigorously defend against this meritless lawsuit." :theflyonthewall.com |
