Brief: Servotronics - Board Placed Kenneth D. Trbovich On Paid Administrative Leave From Positions As CEO, President Of Co Pending Internal Investigation

Servotronics

14/06/2021 23:00

June 14 (Reuters) - Servotronics Inc  SVT.A :
    * SERVOTRONICS - BOARD PLACED KENNETH D. TRBOVICH ON PAID
ADMINISTRATIVE LEAVE FROM POSITIONS AS CEO, PRESIDENT OF CO
PENDING INTERNAL INVESTIGATION
    * SERVOTRONICS INC - COMPLAINT WAS FILED BY DENEB PIRRONE
AGAINST
CO, SERVOTRONICS BOARD, THE ONTARIO KNIFE COMPANY AND KENNETH D.
TRBOVICH
    * SERVOTRONICS - COMPLAINT ALLEGES VIOLATIONS RELATING TO
PIRRONE’S EMPLOYMENT AS WELL AS "INTENTIONAL AND NEGLIGENT
INFLICTION OF EMOTIONAL DISTRESS"
    * SERVOTRONICS - DURING TRBOVICH'S ABSENCE, RESPONSIBILITIES
OF
CEO, PRESIDENT WILL BE CARRIED OUT BY OTHER CO PERSONNEL, LED BY
COO JAMES C. TAKACS
    * SERVOTRONICS - COMPLAINT ALLEGES PURPORTED DERIVATIVE
CAUSES OF
ACTION AGAINST DEFENDANTS, INCLUDING BREACH OF FIDUCIARY DUTIES,
FRAUD, CORPORATE WASTE
    * SERVOTRONICS INC - COMPLAINT SEEKS MONETARY DAMAGES IN AN
AMOUNT
NOT LESS THAN $5 MILLION WITH RESPECT TO THE DIRECT CAUSES OF
ACTION

Source text: [ID: https://bit.ly/2SCGXRA]
Further company coverage:  SVT.A 

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