NEW YORK, Oct. 3 /PRNewswire-FirstCall/ -- Martha Stewart Living Omnimedia (NYSE: MSO) said today that the Delaware Chancery Court dismissed in its entirety the derivative litigation filed in that Court against its directors in office at the time the suit was filed (Arthur C. Martinez, Darla D. Moore, Sharon L. Patrick, Naomi O. Seligman, Martha Stewart, and Jeffrey W. Ubben) and against the Company as a nominal defendant. The lawsuit primarily alleged breaches of fiduciary duties in connection with, among other things, events related to Martha Stewart's personal sale of ImClone stock and the directors' response to those events. The Court ruled that three of the complaint's four counts failed to state a cause of action as a matter of law, and that the fourth count should be dismissed for failure to comply with Delaware law governing derivative actions. The case is being handled for the Company by its outside counsel at the firm of Fried, Frank, Harris, Shriver & Jacobson.
SOURCE Martha Stewart Living Omnimedia