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Danier Leather happy with Court of Appeal decision

16
Dec '05
Leather clothing designing firm Danier Leather Inc announced that the Ontario Court of Appeal has allowed its appeal from the May 2004 judgment of the Superior Court of Justice (Ontario) in the matter of a class action concerning the Company's initial public offering ("IPO") in 1998.

In its unanimous decision released late this afternoon, a panel of the Court of Appeal allowed the appeal on three separate grounds, set aside the trial decision and dismissed the class action.

The decision stated that the Company had met its statutory disclosure obligations during the IPO process. It noted that the Company's achievement of its financial forecast was a relevant consideration. And it stated that greater deference should have been accorded the business judgment of the Company's senior management, judgment that turned out to be correct.

Edwin Hawken, Chairman of the Board of Danier Leather Inc., said, "They're delighted with this decision of Ontario's highest Court. It vindicates the conduct of the Company, its directors and its senior officers during the IPO process."

Jeffrey Wortsman, President and Chief Executive Officer of Danier Leather Inc, noted, "I'm pleased with the decision of the Court of Appeal. The Company can continue to focus its attention on the business, on meeting the needs of our customers, and on creating value for shareholders."

The matter of Danier's entitlement of costs will be addressed in the future.

Canada based leading company Danier Leather Inc is a integrated designer, manufacturer, and retailer of high-quality leather and suede clothing and accessories.


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