SHREVEPORT – A Georgia shareholder for a Bienville Parish corporation alleges the corporation has not acknowledged his withdrawal notification or to purchase his offered shares.
Ernest Woodard filed a complaint in the U.S. District Court for the Western District of Louisiana, Shreveport Division against Woodard Villa Inc., alleging that the Louisiana corporation violated the Louisiana Statute.
According to the complaint, the plaintiff alleges that he was an oppressed shareholder who did not receive economic benefits as beneficiary of the Class B Trusts. The plaintiff holds Woodard Villa Inc., responsible because the defendant allegedly refused to allow records inspection, paid exorbitant directors' fees, made improper payments, paid excessive salaries and refused to acknowledge the withdrawal or to purchase his offer to sell his shares.
The plaintiff seeks judgment recognizing his rights to withdraw as a shareholder and to pay him the fair value of his shares and for such equitable, necessary and general relief as may be proper. He is represented by John M. Madison Jr., Charles E. Tabor and Reid A. Jones of Wiener, Weiss & Madison in Shreveport.
U.S. District Court for the Western District of Louisiana, Shreveport Division Case number 5:16-cv-01119