WSJ Covers Wolosky’s Successful Negotiation of Board Seats & New CEO at Forward Industries
The Wall Street Journal reported on the successful negotiation of a settlement by Olshan's client LaGrange Capital Partners with Forward Industries. LaGrange had launched a solicitation seeking to remove Forward's entire Board of Directors after the Board adopted a series of shareholder-unfriendly corporate actions in June. Under the settlement, three current directors agreed to step down and Forward appointed three of LaGrange's candidates to take their place. Also, LaGrange's founder and managing partner, Frank “Grange” Johnson, was named Forward’s new Chairman. Forward’s President & CEO also resigned. LaGrange is Forward's largest shareholder with a 26.4% stake. Forward, based in Pompano Beach, Fla., designs and distributes custom carrying cases for hand-held electronic devices.
Steve Wolosky and Andrew M. Freedman represented LaGrange in the settlement.