Outback Operator Undermined Stakeholder To Boost IPO: Suit

Law360, New York (August 8, 2012, 8:16 PM EDT) -- Outback Steakhouse operator Bloomin' Brands, which went public on Wednesday in an initial public offering, faces a lawsuit accusing a subsidiary of disregarding the rights of a minority shareholder to boost the brand's pre-IPO value for its private equity owners, including Bain Capital Partners.

On July 30, co-founder and current Bonefish Grill minority stakeholder Timothy Curci hit Bloomin' subsidiary OSI Restaurant Partners LLC with a lawsuit in Florida state court alleging the company withheld important accounting information from him, opened up competing Bonefish Grill restaurants that...
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