Sportsman’s Warehouse Faces Class Action Over Bylaws

Sportsman’s Warehouse (SPWH) has released an update.

Jon Kogut has initiated a class action lawsuit against a company and its Board of Directors, alleging that certain bylaw provisions regarding advance notice are invalid and constitute a breach of fiduciary duty. While the lawsuit is ongoing, the Board has decided not to enforce these provisions for the upcoming annual meeting. The waiver allows stockholders to submit proposals or nominations without adhering to the previously required disclosures about agreements, supporting stockholders, derivative transactions, and nominee information, as specified in the bylaws. The Board, however, maintains the right to waive these provisions at its discretion.

For further insights into SPWH stock, check out TipRanks’ Stock Analysis page.