ATLANTA, July 26, 2012 /PRNewswire/ -- Privet Fund LP ("Privet"), member of The Committee to Strengthen J. Alexander's (the "Committee"), a group that collectively holds over 10% of the common stock of J. Alexander's Corporation ("J. Alexander's" or the "Company") (NASDAQ: JAX) yesterday appeared in Tennessee Chancery Court seeking a decision on its July 2nd lawsuit to compel J. Alexander's to schedule its annual meeting. At the hearing, the Company stipulated that, in light of the lawsuit, it would hold its annual meeting on or before October 31, 2012. Following this stipulation, the Court conditionally dismissed the complaint subject to J. Alexander's compliance with the meeting deadline of October 31, 2012.
"The fact that J. Alexander's must now hold its annual meeting on or before October 31 is a positive outcome for all shareholders," said Ryan Levenson, Privet's Managing Member. "In our lawsuit we contended that the Company inappropriately amended its bylaws to remove its annual meeting requirement a week before those bylaws required the meeting be held. Further, by failing to hold, or even schedule, the annual meeting by July 1, Tennessee law provided shareholders with the standing necessary to request that a meeting date be established. Our lawsuit was the catalyst that will now enable shareholders to exercise their fundamental right to vote for directors. We will continue to monitor the Company's activities going forward and will not hesitate to take further action should we believe the rights of shareholders are being threatened."
Contact: Ben RosenzweigPrivet Fund Management LLC(404) 419-2674
SOURCE Privet Fund LP