The Ontario courts have ruled that Environmental Management Solutions (EMS) annual meeting can go ahead as planned on April 29. This thwarts the attempt by a group of dissident shareholders including former CEO Frank D’Addario to hold a special shareholder meeting on March 17 where they wanted to elect a new slate of directors.
D’Addario and his supporters called for the meeting after the EMS board fired D’Addario in January amid accusations of financial improprieties while he ran the company allegations that D’Addario flatly denies.
D’Addario founded the company and remains a major shareholder. He says he was fired by the EMS board in a pre-emptive strike because the other directors knew he wanted to replace them because they were dismantling his company. EMS has launched a civil suit against D’Addario. None of the allegations has been tested in court.
Environmental Management Solutions (TSX:EMS) is a site remediation and organic waste management company operating across Canada and in the northern United States.