NEW YORK, April 1 /PRNewswire-FirstCall/ -- Martha Stewart Living
Omnimedia, Inc. (NYSE: MSO) said today that the Delaware Supreme Court has
ruled in the Company's favor in a derivative lawsuit brought against the
Company and its directors in office at the time the suit was filed (Arthur C.
Martinez, Darla D. Moore, Sharon L. Patrick, Naomi O. Seligman, Martha
Stewart, and Jeffrey W. Ubben).
The unanimous decision by the Delaware Supreme Court affirmed the earlier
dismissal by the Delaware Chancery Court of the suit, which primarily alleged
breaches of fiduciary duty by the directors in connection with events related
to Martha Stewart's personal sale of ImClone stock and the directors' response
to those events. The plaintiff had appealed the Chancery Court decision,
arguing that MSO's board of directors lacked independence. The Delaware
Supreme Court rejected that argument and found that the complaint provided no
basis to question the independence of MSO's board.
The case is being handled for the Company by its outside counsel at the
firm of Fried, Frank, Harris, Shriver & Jacobson LLP.
SOURCE Martha Stewart Living Omnimedia, Inc.
/CONTACT: Media - Elizabeth Estroff, AVP, Corporate Communications,
+1-212-827-8281, or Investors - James Follo, Chief Financial Officer,
+1-212-827-8218, both of Martha Stewart Living Omnimedia, Inc./
/Web site: http://www.marthastewart.com /