MINNEAPOLIS (Hanley-Wood News Service) - The Rottlund Company, Inc. (Amex: RH) was notified Friday that it and each member of the company's Board of Directors has been sued in Hennepin County District Court in Minneapolis, Minn., by a shareholder of the company. The lawsuit was filed in response to the company's self-tender offer to purchase all outstanding shares of its common stock at a price of $9.00 per share. The tender offer commenced on January 24, 2002, and will expire at midnight, Eastern Time, on February 22, 2002, unless extended or withdrawn. The plaintiff brought this action individually and as a class action on behalf of all shareholders of the company. Among other things, the plaintiff requests that the court enter judgment certifying the class action, enjoining the self-tender offer and awarding damages against the defendants and attorney fees for plaintiff's counsel. The company believes this litigation is without merit and intends to vigorously defend against it.
The Rottlund Company is engaged in the design, construction, marketing and sale of detached single-family homes and attached townhomes and villas. The company has operations in the metropolitan areas of Minneapolis/St. Paul, Minn., Des Moines, Iowa, and Tampa, Fla.
