Another Suit Filed Against St. John Knits

St. John Knits Inc. founders were hit with another lawsuit Friday by a shareholder claiming that a $490-million buyout offer by Chief Executive Robert E. Gray and his family is “unfair and harmful” to other shareholders. The lawsuit, filed in Orange County Superior Court, alleges that the $28 per share bid would give the Grays full ownership of the company at the expense of other stockholders, who would not realize the fair value of their stock. St. John Knits officials could not be reached for comment Friday. But Robert Gray, whose family already owns about 13% of the company, has maintained that their offer is fair. The legal challenge claims the proposal was timed to “place an artificial lid” on the market price of the stock so that the Grays could buy it at the lowest possible price. Named defendants are Gray and his wife, Marie; their daughter, Kelly Gray, the company’s president; Roger G. Ruppert, the chief financial officer, and board members Richard A. Gadbois III and David A. Krinsky. At least two similar lawsuits have been filed since the Grays’ offer on Dec. 8. The latest lawsuit, which seeks class-action status, was filed on behalf of shareholder Larry Vinikow by the San Diego law firm of Milberg, Weiss, Bershad, Hynes & Lerach LLP, which filed one of the other lawsuits.