MOUNDSVILLE – A status hearing has been scheduled in a lawsuit against Reilley's Inc. alleging two shareholders didn't receive dividend payments for more than 10 years.
Marshall Circuit Judge David W. Hummel Jr. scheduled the status hearing for Thursday, Jan. 16 at 9:30 a.m. in the Marshall County Courthouse.
"All counsel of record and unrepresented parties are ordered to appear in person and prepared to discuss the status of this civil action," Hummel wrote in the Dec. 3 order.
The lawsuit was filed by Betty Jane Ryan and Patrick Reilley against Reilley's Inc. on Oct. 7 in Marshall Circuit Court. Ryan claims she holds 37.5 shares of the total of 450 outstanding shares in Reilley's Inc. stock, while Reilley holds 75 shares of the total. Reilley also holds an additional 18.75 shares of voting power out of a total of 450 outstanding shares on Reilley's Inc. stock, the suit states.
Neither of the plaintiffs has received dividend payments for more than 10 years, according to the suit.
The plaintiffs allege in May, law firm Edmond & Baum attempted to acquire documents from Reilley's Inc. to ascertain the company's finances to ensure dividend payments were being made, but the law firm never received any response aside from a letter stating Reilley's attorney was retiring and that a response would be delayed as replacement counsel was secured.
Edmond & Baum sent a second letter on Aug. 26, again requesting the information and no response was ever provided, according to the suit.
The plaintiffs claim they have a right to see the records required to be kept by the statute set out in West Virginia code and the defendants have ignored that request.
The plaintiffs are seeking the court to direct Reilley's Inc. to produce the requested documents. They are represented by Michael B. Baum of Edmond & Baum.
Marshall Circuit Court case number 19-C-241