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