Miller Announces Summary Judgment Dismissing Shareholder Lawsuit
30 November 2000
Miller Industries, Inc. Announces Summary Judgment Dismissing Shareholder Class Action LawsuitCHATTANOOGA, Tenn., Nov. 30 On November 27, 2000, Miller Industries, Inc. was notified that the United States District Court for the Northern District of Georgia had entered summary judgment on November 20, 2000 in favor of the Defendants, dismissing the securities class action lawsuit, relating to events between November, 1996 and September, 1997, which has been described in its prior public filings. On November 21, 2000, the Company also was notified that the Tennessee Supreme Court had denied Plaintiffs' Writ of Certiorari regarding the affirmance by the Tennessee Court of Appeals of the dismissal of the securities class action complaint in the Hamilton County, Tennessee Chancery Court. That ruling terminated the shareholder suit brought at the State Court level in Tennessee. These favorable rulings dismiss all pending shareholder litigation against the Company. In granting Defendants' motion for summary judgment, the Federal District Court in Atlanta found that Plaintiff's allegations were without a sufficient basis to present a legitimate issue for trial. The Court's most recent order held that Plaintiffs had failed to present any evidence relating to 5 of the 7 alleged accounting violations which had survived Defendants' initial motion to dismiss in the Court's July, 1998 order. As to the remaining 2 alleged accounting violations, the Court found that the Company made no actionable statements or omissions. Regarding the recent developments, Miller Industries, Inc. Chairman William G. Miller stated, "I'm pleased that finally after more than three years the Judges in both the federal and state courts by their rulings have vindicated the senior management of Miller Industries. This is a management team that has maintained the highest level of integrity and dedication while serving this company and its shareholders since it became a public company in 1994 and I'm happy to see the record has finally been set straight." Mr. Jeffrey I. Badgley, President and CEO, added, "I'm glad the Company never gave in to the plaintiffs' lawyers in their spurious shareholder lawsuits. We deserved to be vindicated and we have been. We are pleased that these lawsuits will no longer be a distraction from our full attention and focus on the success of the Company." Oscar N. Persons of Alston & Bird LLP, the Company's defense counsel stated, "My partner Rebecca Lamberth and I are gratified that the judicial process has confirmed the fact that Miller Industries, Inc. and its senior management acted properly in all respects."