Over at lululemon, it looks like there's a civil war brewing. On one side: Chip Wilson
, the yoga retailer's founder, largest shareholder (with a 27 percent stake in the company), former CEO and up until last month, chairman. On the other: the company's current board, led by newly inducted chairman Michael Casey
. Events came to a head two weeks ago when, just hours before the company's annual shareholder's meeting, Wilson announced that he was voting against the election of two outside board members (including Casey), citing concerns that the board was sacrificing long-term corporate goals for short-term results....
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lululemon Shareholder Suit Over See-Through Pants Dismissed
April 21, 2014
lululemon won dismissal of claims that shareholders lost $2 billion because the athletic-wear company misled them about quality problems with its products, including bleeding colors and see-through yoga pants. U.S. District Judge Katherine Forrest in Manhattan dismissed shareholder claims against the Vancouver-based company, founder and director Dennis Wilson and former chief executive officer Christine McCormick Day. Forrest ruled the investors failed to show that statements made by company officials about product quality were false and misleading.
lululemon Founder Votes Against Re-Election of Board Members
June 11, 2014
lululemon Athletica founder Dennis Wilson voted against the re-election of board members Michael Casey and RoAnn Costin, saying he found the board too heavily weighted toward short-term results. "I am concerned that the board is not aligned with the core values of product and innovation on which lululemon was founded," Wilson, who owns 27 percent of the the athletic-wear company, said in a statement. The yoga-clothing retailer has been working to regain shoppers' loyalty after it recalled one of its most popular