Word: templetone
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Both sides will dismiss the federal lawsuits they had filed in the dispute. Templeton had alleged that HMC made false statements in a letter it sent to shareholders, and HMC had said Templeton failed its duty to shareholders...
...dispute arose over the price at which shares of the two funds traded. HMC said Templeton had failed to adequately represent shareholder interests, allowing prices to slip too far below the full value of the investment...
...Templeton pointed to the performance of the China and Dragon funds as evidence that the company is protecting shareholder interests. The funds gained 34 and 21 percent respectively last year, according to investment research firm Morningstar...
...waged a long public relations war in trying to pressure Templeton to increase prices, culminating in a Jan. 16 letter to shareholders urging the “extraordinary action” of voting out Templeton fund manager J. Mark Mobius. Templeton responded with a Jan. 29 lawsuit accusing HMC of making “knowingly and materially false and misleading statements” in the letter. HMC fired back with a countersuit one week later, alleging that Templeton had breached its “fiduciary duty” to shareholders...
...settlement benefits both sides in that HMC will be able to sell their shares at a higher price and Templeton frees itself of an annoying shareholder, Cassidy said. He added that by settling they also avoid legal fees and a nasty public conflict...