The Advocat shareholder who in May sued the company over its rejection of a buyout offer is coming after the company a second time. Frank Rossello, who had his first case dismissed last month by District Court Judge Todd Campbell, has now filed a putative class action in Williamson County Chancery Court.
SEE ALSO: Advocat class action dismissed
File this under "Because you just never know..."
The board of nursing home chain Advocat has voted to move forward the record and payout dates for the company's fourth-quarter dividend. Rather than be paid during the second week of January — you know, after we might have driven off that fiscal cliff — the company now will cut its checks on Christmas Eve.
A putative class action against the board of Advocat was dismissed from District Court earlier this month on procedural grounds, specifically because it did not satisfy the federal case requirement that the claim involved was for more than $75,000. But that doesn't mean the case, which centers on the buyout approach made by the Covington Investments group that owns about 15 percent of Advocat, is over: The plaintiffs can refile in state court if they choose.
POSTDATA: WARRANTY DEEDS