Hampshire announces filing suit against Ludwig Kuttner

11 Mar '08

1 min read

Hampshire Group Limited announced that, based on the findings of the previously announced investigation by the Audit Committee of its Board of Directors, it has filed a complaint in the Court of Chancery of the State of Delaware for the County of New Castle against Ludwig Kuttner, a director of Hampshire and its former Chief Executive Officer, Charles Clayton, Hampshire's former Executive Vice President, Treasurer and Chief Financial Officer, and Roger Clark, Hampshire's former Vice President-Finance and Principal Accounting Officer.

The suit details how Kuttner, Clayton and Clark abused the confidence and trust placed in them through breach of fiduciary duty, gross mismanagement, corporate waste, unjust enrichment, common law fraud and, as to Kuttner, common law conversion.

Hampshire's claims are based on a pattern of misconduct by Kuttner, with the assistance of Clayton and Clark, over many years to fraudulently take money from Hampshire, to deny the government taxes that were duly owed and to misuse corporate assets for personal use.

Hampshire Group Limited

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