Rubio's(R) Restaurants, Inc. Responds to Class Action Lawsuit
October 29 2009 - 4:05PM
Marketwired
Rubio's® Restaurants, Inc. (NASDAQ: RUBO) today issued the
following statement in response to a class action lawsuit filed
against the Company, its directors and officers, and Alex Meruelo
in California Superior Court:
"The Company denies the allegations and claims in the recently
filed lawsuit. The lawsuit inaccurately asserts that the Company's
officers and directors breached their fiduciary duties in
connection with the Company's receipt of an unsolicited proposal to
acquire all of the Company's outstanding common stock by a group
consisting of Alex Meruelo and his affiliates and Levine Leichtman
Capital Partners IV, L.P. The lawsuit seeks to enjoin the Company
and its directors and officers from consummating a sale of the
Company to the Meruelo Group. The Company does not have, and has
never had, an agreement or arrangement to sell any stock or assets
to the Meruelo Group. Today, the Company announced that its Board
of Directors had rejected the unsolicited proposal from the Meruelo
Group after unanimously determining that the proposal was not in
the best interests of the Company's stockholders. The Company
intends to vigorously defend against this meritless lawsuit."
About Rubio's® Restaurants, Inc. (NASDAQ:
RUBO)
Bold, distinctive, Baja-inspired food is the hallmark of Rubio's
Fresh Mexican Grill®. The first Rubio's was opened in 1983 in the
Mission Bay community of San Diego by Ralph Rubio and his father,
Ray Rubio. Rubio's is credited with introducing fish tacos to
Southern California and starting a phenomenon that has spread coast
to coast. In addition to chargrilled marinated chicken, lean carne
asada steak, and slow-roasted pork carnitas, Rubio's menu features
seafood items including grilled mahi mahi and shrimp. Guacamole and
a variety of salsas and proprietary sauces are made from scratch
daily, and Rubio's uses canola oil with zero grams trans fat per
serving. The menu includes tacos, burritos, salads and bowls,
quesadillas, HealthMex® offerings which are lower in fat and
calories, and domestic and imported beer in most locations. Each
restaurant design is reminiscent of the relaxed, warm and inviting
atmosphere of Baja California, a coastal state of Mexico.
Headquartered in Carlsbad, California, Rubio's operates, licenses
or franchises more than 195 restaurants in California, Arizona,
Colorado, Utah and Nevada. More information can be found at
www.rubios.com.
Safe Harbor Disclosure
Some of the information in this press release may contain
forward-looking statements regarding future events or the future
financial performance of the Company. Please note that any
statements that may be considered forward-looking are based on
projections; that any projections involve judgment, and that
individual judgments may vary. Moreover, these projections are
based only on limited information available to us now, which is
subject to change. Although those projections and the factors
influencing them will likely change, we are under no obligation to
inform you if they do. Actual results may differ substantially from
any such forward-looking statements as a result of various factors,
many of which are beyond our control, including, among others, our
comparable store sales results and revenues, our product, labor
expenses and other restaurant costs, the success of our promotions,
new product offerings and marketing strategies, our ability to
recruit and retain qualified personnel, adverse effects of weather,
the adequacy of our reserves related to closed stores or stores to
be sold, increased depreciation or asset write downs, our ability
to manage ongoing and unanticipated costs, such as costs to comply
with regulatory initiatives and litigation costs, our ability to
implement a franchise strategy, our ability to open additional or
maintain existing restaurants in the coming periods, our ability to
finalize our settlement of the wage and hour class action lawsuits
filed in California and the effects of ever-increasing competition.
These and other factors can be found in our filings with the SEC
including, without limitation, in the "Risk Factors" section of our
most recent Annual Report on Form 10-K. The Company undertakes no
obligation to release publicly the results of any revision to these
forward-looking statements to reflect events or circumstances
following the date of this release.
Investor Relations: Scott Liolios or Cody Slach Liolios Group,
Inc. Tel (949) 574-3860 Email Contact
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