Business
AmeriServ Financial Announces Court Denial of Driver’s Request for Injunctive Relief
Court Finds Driver is Unlikely to Prevail on the Merits of its Claims Company to Hold Annual Meeting on May 26, 2023 and Urges Shareholders to Support
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"\nCourt Finds Driver is Unlikely to Prevail on the Merits of its Claims\n\n\nCompany to Hold Annual Meeting on May 26, 2023 and Urges Shareholders to Support Strategic Direction by Voting for AmeriServ’s Director Candidates\n\n\n JOHNSTOWN, Pa.--(BUSINESS WIRE)--\nAmeriServ Financial, Inc. (“AmeriServ” or the \"Company\") (NASDAQ: ASRV) today announced that the United States District Court for the Western District of Pennsylvania (the “Court”) has denied Driver Opportunity Partners I LP’s (“Driver”) motion for a preliminary injunction to delay the Company’s 2023 Annual Meeting of Shareholders (the “Annual Meeting”). The Annual Meeting will take place as scheduled on May 26, 2023.\n\n\nIn March 2023, AmeriServ announced that its Board of Directors (the “Board”) had determined that Driver’s purported nomination notice was invalid due to material defects and failure to comply with the Company’s bylaws. Driver subsequently filed a legal action with the Court. In its opinion issued this week, the Court stated that “Driver has failed to meet its burden to demonstrate it is likely to prevail on the merits of its claims […]” The Court also declared that “Driver’s inability to have its director nominees considered for election at the 2023 Annual Meeting is entirely a result of its own failures, not as a result of AmeriServ’s conduct.”\n\n\nAmeriServ is represented in legal proceedings by Stevens & Lee, P.C. and Vinson & Elkins L.L.P.\n\n\nTHE BOARD RECOMMENDS SHAREHOLDERS VOTE “FOR ALL” OF AMERISERV’S NOMINEES\n(RICHARD “RICK” W. BLOOMINGDALE, DAVID J. HICKTON AND DANIEL A. ONORATO)\nBY USING THE COMPANY’S GOLD PROXY CARD.\n\n\n***\n\n\nIf you have any questions or require any assistance in voting your shares, or if you would like additional copies of the proxy materials, please contact our proxy solicitor:\n\n\nMorrow Sodali LLC\n509 Madison Avenue Suite 1206\nNew York, NY 10022\nShareholders Call Toll Free: (800) 662-5200\nBrokers, Banks, and Other Nominees Call Collect: (203) 658-9400\nEmail: [email protected]\n\n\n***\n\n\nAbout AmeriServ Financial, Inc.\n\n\nAmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company's subsidiaries provide full-service banking and wealth management services through 17 community offices in ...