Rohr Industries and seven of its directors have been sued by a shareholder for breach of fiduciary duty in connection with Rohr’s adoption of a shareholders’ rights plan in August, 1986. The action faults Rohr’s 2-for-1 stock split in 1985, its open-market stock repurchases in 1987 and its indemnity agreements with its directors and executive officers.
Shareholder Rodney B. Shields filed the the suit in San Diego County Superior Court. The suit purports to be a derivative action on behalf of the company as well as a class action by shareholders.
The suit against Rohr seeks unspecified monetary damages, declaratory relief, an injunction against further implementation of the plan and an injunction against further repurchases of shares.