The Market Basket board was justified in firing longtime CEO Arthur T. Demoulas, a judge ruled Monday.
Delaware Court of Chancery Vice Chancellor J. Travis Laster said the board, controlled by Demoulas’ three sisters, was “valid” to suspend and remove Demoulas from his position as president and CEO last year.
Demoulas had countersued, arguing that his sisters were “fueled by greed and envy.”
“Arthur had the burden at trial to prove that a majority of the Current Directors acted in bad faith,” the judge was quoted by CBS News Boston. “He failed to carry his burden.”
The board suspended Demoulas a year ago, saying there were credible allegations that he was planning a work stoppage.
Demoulas said at the time that board’s investigation was “a farcical cover for a hostile takeover.”
Once upon a time, there were the Pee wiggle twigs. So much for “Three’s Company”. OR Two is company, Three is a crowd. OR “I just got the “war package” at the salon, and had the “no buy out” salad with the girls and WE DECIDED aster le vista baby, you’ll hear from the family attorney at the polo match. Oh, Do you have any grey poop on?