Smith & Wesson Execs Blasted With Derivative Action

Law360, New York (October 29, 2010, 5:31 PM EDT) -- Thirteen executives at firearms maker Smith & Wesson Holding Corp. have been blasted with a shareholder derivative action alleging they made misleading statements about excess inventory and that some of them sold stock while prices were artificially inflated.

The suit, lodged Thursday in the U.S. District Court for the District of Arizona, alleged that CEO Michael F. Golden, former Chief Financial Officer John A. Kelly, Chairman Barry M. Monheit and the 10 other current and former officers and directors breached their fiduciary duties, wasted corporate assets...
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