Sealy Mattress Directors Too Comfy With KKR, Investor Says

Law360, Wilmington (July 19, 2012, 7:27 PM EDT) -- A Sealy Corp. investor launched a derivative suit in Delaware Chancery Court on Thursday accusing the company's directors of acting in the best interests of private equity firm Kohlberg Kravis Roberts & Co. LP, Sealy's largest shareholder, rather than those of the mattress maker.

Filed by shareholder Jay M. Plourde, the complaint alleges that Sealy's directors breached their fiduciary duty to the North Carolina-based bedding giant by issuing misleading statements and filings, mismanaging assets and artificially inflating stock values to maintain the “profits, power and prestige”...
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