She also contends that the district court should have applied judicial estoppel against Panda and that it should have allowed her to pursue her fraud theory. Since there is no inconsistency here, we move to the merits. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. § 271(a). Starting on May 11, hospital staff and first responders can enjoy 10 percent off on purchases made in-store at participating Panda Express and Panda Inn locations all year long, by showing their employment badge at checkout. The district court also thought that she had not pleaded the claim with particularity, as required by Rule 9(b), because she did not adequately explain who made the statement, or where and how it was made. News • 2 days ago. Order Now. Indeed, Massuda recognizes in her complaint that the “[d]efendants unjustly deprived and cheated Plaintiff out of the true and proper value of PE Chicago's 50% interest in [the RC Partnership].” It was PE Chicago that had the 50% interest in the RC Partnership and thus PE Chicago that was harmed directly. Instead, we understand it to stand for the more modest proposition that when a majority shareholder engages in wrongdoing in such a way as to dilute the voting power of the minority shareholders, minority shareholders can bring a direct suit for voting power dilution. © 2020 Insider Inc. and finanzen.net GmbH (Imprint). PE Chicago was the immediate party injured; any recovery would go to PE Chicago first, and its members second. That was a mistake on her part. Neither the CEO's original conversion of his debt into undervalued stock nor the side perks were mentioned in the Information Statement sent to shareholders about the merger. October 16, 2017. Massuda never alleged that the Panda defendants intended to induce her to act based on its statement, nor that she did rely to her detriment. Finding no error in the district court's rulings, we affirm its judgment. That court ruled that the debt conversion claim was both derivative and direct. Our commitment to caring for our frontline caregivers extends beyond Hospital Week—we will do everything in our ability, however big or small, to take care of our heroes.". ... 10 Foods We Should Stock To Survive Emergency Support Black-Owned Vegan Comfort Food On a … More than 4 million N95, KN95 and surgical masks have been sourced and allocated to hospitals in 13 cities and counting, with a commitment to donate 50,000 meals to care for the healthcare community by June. It provides quick service Chinese food in high traffic locations, including malls, airports and sporting arenas. Average salary for Panda Express Chef in Stockton: $14. Later, minority shareholders brought suit claiming that their shares had been diluted improperly by the issuance of excessive stock to the CEO. In it, she raised claims of unjust enrichment, fraud, and aiding and abetting a breach of fiduciary duty. Freshly Chopped. A cap so fresh you’ll want to wear it on a good hair day. In the end, those judgments were vacated after the parties reached a settlement. Around April 2006, Massuda went to Panda, informed it of her intent to sue Rezko and Enterprises and asked whether Panda would be interested in buying her interest in Enterprises. Since March, the company's philanthropic arm Panda Cares® and co-founders Andrew and Peggy Cherng have donated nearly $9 million to support various COVID-19 relief efforts, including partnering with Feeding America® as well as providing hot meals and personal protective equipment (PPE) to healthcare workers. Panda was founded in 1983 in Glendale, California Panda Express is the largest family-owned American Chinese Restaurant concept in America. Massuda's injury was derivative. This claim is derivative. At this point, we do not know whether the statements made to Massuda were non-actionable opinions. Rezko was indicted and convicted on federal fraud and bribery charges, for which he received a lengthy prison sentence in 2011. The same analysis applies to the allegation that the Panda defendants falsely and misleadingly represented to Massuda that her interest in Enterprise and PE Chicago was “worthless.” In dismissing, the district court found that she failed to state a claim because she failed to point to any facts to support her assertion that the defendants made the statement with the intention that it would induce her to act, that she relied on the truth of the statement, or that she suffered any damages as a result of the allegedly fraudulent statement. Continue on Forbes. Under that test, Massuda fails at step one: if anyone was unjustly deprived of the true value of PE Chicago's interest, it was PE Chicago. 651, 653 (E.D.Ill.2011). Not valid with orders made online, through the Panda Express mobile app, or through any third-party delivery service. Instead, up until her reply brief in this court, she asserted that the duty to avoid misleading omissions was rooted in her status as a minority member. The email address cannot be subscribed. It does not prevent a party from turning to an entirely new theory. We recommend using Giving her the benefit of the doubt, it is at least debatable that Panda valued her interest at zero at the time of their conversation: Panda was then a 50% owner in the RC Partnership and thus would have had a very good idea about the partnership's worth. (emphasis added). At that point, she alleges, “The Defendants falsely and misleadingly represented to [plaintiff] that her interest in Enterprises and PE Chicago was ‘worthless,’ when Defendants instead paid millions to Rezko personally for his supposed interest in said companies.” This statement, no matter how generously read, says nothing about whether (1) the defendants intended her to act on the basis of the false statement; (2) she actually relied on the truth of the statement; or (3) she was damaged as a result of her reliance. It is no stretch to say Rezko breached many fiduciary duties, including duties to the other members of the firm. Company is incorporated on 25th October 1990. For the same straightforward reason we mentioned earlier, this is derivative. While the court found injury to the company from the overpayment for debt, it recognized that the minority stockholders independently “lost a significant portion of the cash value and the voting power of their minority stock interest. We will follow their lead and assess this case using principles of Delaware corporate law for the two LLCs. View and compare PANDA,EXPR on Yahoo Finance. They argued instead that those claims failed on the merits. All rights reserved. Instead, she has complained of the improvidence and wastefulness of the sale itself. For current price and menu information, please contact the restaurant directly. Stock quotes by finanzen.net. Massuda argues that the Panda defendants should be estopped from arguing that her fraud claims are derivative, because they successfully argued in the Sirazi litigation that PE Chicago could not succeed on the same fraud claims. Additional restrictions may apply. The district court properly found that Massuda cannot recover for her derivative injuries, and that she failed to state a claim for fraud. This time Panda agreed; it purchased PE Chicago's interest in the RC partnership for $9.7 million on June 1, 2006, and wired approximately $3.25 million to Rezko's personal account. Rezko’s real estate ventures collapsed. Others with a stake in PE Chicago included Rezko himself, who was the managing member, and Semir Sirazi. The question whether the claims were barred as derivative did not come up. See Int'l Mktg., Ltd. v. Archer–Daniels–Midland Co., 192 F.3d 724, 727 (7th Cir.1999) (holding that when a plaintiff “decide[s] to forgo [her] opportunity to amend the complaint and instead to pursue an immediate appeal,” she makes a “strategic decision [that] mean[s] that [her] case can be resuscitated only if [she] is able to convince this court that [she] had in fact properly stated [her fraud] claim[ ] in the form [it] took before the district court in the unamended complaint”). She was evidently not alone in this respect: it appears that none of Enterprises's members (other than Rezko) was informed about the Panda deal. at 99–100. Microsoft Edge. The adequacy of her allegations of fraud, however, is another matter. See, e.g., Wigod v. Wells Fargo Bank, N.A., 673 F .3d 547, 571 (7th Cir.2012) (recognizing that under Illinois law a plaintiff's fraudulent concealment claims “must allege that the defendant intentionally omitted or concealed a material fact that it was under a duty to disclose to the plaintiff.”). "The appreciation discount program for hospital workers and first responders is a small token of our appreciation for all that they do for us. PANDA EXPRESS (P.R. Our bold flavors and fresh ingredients are freshly prepared, every day. 906 A.3d at 99. Ultimately, after losing in the lower court (which thought that their claims were derivative), the minority stockholders prevailed in the Delaware Supreme Court. In hindsight, Massuda's mistake was to entrust $4,000,000 in 1997 with Tony Rezko, who controlled several companies that owned and operated the restaurants and who hoped to expand the business. While the district court gave plaintiff leave to amend her complaint she chose not to do so. He deliberately circumvented what should have been a mandatory vote of the members. This appeal followed. Welcome to our Chinese Kitchen. Company profile page for Panda Express Inc including stock price, company news, press releases, executives, board members, and contact information With more than 2,100 stores, 40,000 associates and $3 billion in sales, Panda Express is the largest family-owned and operated Asian dining concept in America. Massuda believes that the case of Gentile v. Rossette, 906 A.2d 91 (Del.2006), gets her over the derivative injury hurdle for this theory, at least. The key element missing from Massuda's complaint was an allegation, supported by facts, that the defendants were under a duty to disclose material facts to her. Panda Express locations are located all across the country. Commerce Policy |
PGlmcmFtZSB3aWR0aD0iNTYwIiBoZWlnaHQ9IjMxNSIgc3JjPSJodHRwczovL3d3dy55b3V0dWJlLmNvbS9lbWJlZC9UTXlyVUlCNVl1ZyIgZnJhbWVib3JkZXI9IjAiPsKgPC9pZnJhbWU+. Find panda express stock images in HD and millions of other royalty-free stock photos, illustrations and vectors in the Shutterstock collection. Panda and Concessions each had a 50% interest in the RC partnership; Concessions was the general partner and Panda the limited partner. One could deduce from this that Panda had a duty to inform Massuda about the sale because she informed Panda a month before the acquisition that she was suing Rezko and others. A jury found the Panda defendants liable to Sirazi for conspiracy and aiding and abetting a breach of a fiduciary duty, and awarded him $1,100,000 in compensatory damages and $2,000,000 in punitive damages against each of the three corporate defendants. The acquiring company also offered the CEO side benefits, including a put agreement whereby it would repurchase 360,000 shares of the stock the CEO received in the merger at $5 a share one year later. Quickly learned new skills and applied them to … The conversion had the effect of increasing the CEO's equity holdings from 61.9% to 93.49% of the total. Visit your local Panda Express restaurant at 8250 Agora Parkway #148, Selma, TX to enjoy American Chinese cuisine from our world-famous orange chicken to our health-minded Wok Smart™ selections. As of 2000, the RC Partnership was valued at approximately $42.22 million; by 2001, its value had climbed to $56.4 million. Since March 2020, all Panda Cares donations are allocated to Panda's COVID-19 Community Care Fund to donate PPE to hospitals in need, so doctors and nurses are best equipped to care for their patients. That is, “[a] breach of fiduciary duty claim having this dual character arises where: (1) a stockholder having majority or effective control causes the corporation to issue ‘excessive’ shares of its stock in exchange for assets of the controlling stockholder that have a lesser value; and (2) the exchange causes an increase in the percentage of the outstanding shares owned by the controlling stockholder, and a corresponding decrease in the share percentage owned by the public (minority) shareholders.” Id. ... Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. Massuda's claim is derivative. Please try again. Please note: Dine-in is unavailable at all locations. All told, the CEO received 44 million shares, significantly more than he would have received under the contractual conversion rate in place at the time ($.50). At this point, PE Chicago has released all claims arising from this matter through its settlement, and so its interests are no longer at issue. The restaurant brand has more than 2,200 locations throughout the U.S. and has introduced American Chinese cuisine to more than ten international countries. Rezko wound up indicted and convicted on federal fraud and bribery charges, for which he received a lengthy prison sentence in 2011. "In a time when connection seems difficult to grasp, we hope to bring comfort and hope by giving back and letting our communities know that they are not alone," said Dr. Peggy Cherng, Co-Founder and Co-CEO of Panda Restaurant Group. We see no reason to give her a third chance. Panda Express Online Ordering Homepage. Additional restrictions may apply. This makes sense because a dilution of voting power is a direct harm to the shareholders that is not felt by the company. For ease of exposition, we evaluate each of her theories individually. In such cases, the minority stockholder's direct injury arises “[b]ecause the shares representing the ‘overpayment’ embody both economic value and voting power, the end result of this type of transaction is an improper transfer—or expropriation—of economic value and voting power from the public shareholders to the majority or controlling stockholder.” Id. As consideration for his loans, the CEO received promissory notes that were convertible into shares of company common stock. It said that “the debt conversion was a self-dealing corporate transaction with a significant stock-holder, that increased the voting power and economic value of that significant stockholder's interest in [the company], at the expense and to the corresponding detriment of the minority shareholders.” Id. See United States v. Rezko, 776 F.Supp. Internet Explorer 11 is no longer supported. Company is incorporated on 4th May 1988. DEATH OF THE FOOD COURT: Iconic mall chains like Cinnabon, Sbarro, and Panda Express are transforming to survive Soda Loses Its U.S. Crown: Americans Now Drink More Bottled Water The Marine Corps’ nude-photo-sharing scandal is even worse than first realized It was not until 2008 that Sirazi, another one of Rezko's investors, first discovered the details of the Panda–Rezko–PE Chicago transaction. Begin typing to search, use arrow keys to navigate, use enter to select. Massuda's first argument is that the Panda defendants defrauded her and others out of the fair market value of PE Chicago's interest. Panda in the News. Registered agent is MONTE BAIER, 1683 WALNUT GROVE AV Panda Restaurant Group, Inc. reserves the right to modify or discontinue this discount at any time without notice. Tooley held that “[t]he analysis must be based solely on the following questions: Who suffered the alleged harm—the corporation or the suing stockholder individually—and who would receive the benefit of the recovery or other remedy?” 845 A.2d at 1035. Use our store locator to see Panda Express hours and find a Panda Express restaurant near you. Panda Express. As a result of the restaurant brand's philanthropic impact throughout the pandemic and the Cherngs' long-time advocacy of the healthcare space, Panda Express has been recently chosen as the exclusive lunch and dinner partner of MED 4 OUR WORLD, an organization that focuses on providing medical care to underserved communities and has since pivoted during COVID-19 to providing free meals to hospitals nationwide. Fortunee MASSUDA, Plaintiff–Appellant, v. PANDA EXPRESS, INC., et al., Defendants–Appellees. Massuda was two steps away: she owned an interest in Enterprises, which owned PE Chicago, which had a 50% interest in the RC Partnership. Honey Sesame Chicken Love Onesie. Powered by this global family of associates, Panda Cares®, the organization's philanthropic arm, has raised more than $196 million and countless volunteer hours in bettering the health and education for over 12 million youths as well as supporting communities in need since 1999. Continue on Eatthis.com. * This appreciation discount is one of many initiatives that Panda has implemented as part of their ongoing commitment to protecting, inspiring and bettering the communities they serve. We begin with Massuda's contention that “Defendants unjustly deprived and cheated Plaintiff out of the true and proper value of PE Chicago's 50% interest in [the RC Partnership].” In characterizing this as direct or derivative, we look to the Delaware Supreme Court's decision in Tooley v. Donaldson, Lufkin & Jenrette, Inc., 845 A.2d 1031 (Del.2004), for guidance. Tags Panda Express Town Center of Mililani Food & Lifestyle. We can dismiss this argument because she has not developed it on appeal. Each dish at Panda Express, including the Wok Smart® selections, is thoughtfully crafted with quality ingredients and inspired by bold Chinese flavors and culinary principles. In this count, Massuda alleged that the Panda defendants and Rezko conspired “to defraud PE Chicago and Enterprises, and those with interests in [the same]” through the sale of the RC Partnership interest at a price well below fair market value. § 1332 is plainly met.) About a month later, in mid-May, Rezko contacted Wilkinson and asked for an urgent $3 million loan, because GE Capital was about to foreclose on his house. Select a Location. Massuda offers four theories to support her fraud allegations: (1) the Panda defendants intentionally defrauded her, PE Chicago, and Enterprises out of the fair market value of PE Chicago's 50% interest by paying Rezko personally for PE Chicago's 50% interest in the RC Partnership instead of paying PE Chicago itself; (2) the defendants falsely represented that the purchase price Panda offered for PE Chicago's 50% interest represented the fair market value; (3) the defendants made material omissions by failing to inform interested third-parties, including Massuda, of the transaction, even though they knew of her interest; and (4) the defendants falsely and misleadingly represented to Massuda just before the purchase of PE Chicago that her interest in Enterprises (and indirectly PE Chicago) was “worthless.”. This claim was properly dismissed with prejudice. He promptly sued Panda, Panda Restaurant Group, Inc., Citadel–Panda Express, Inc., and Andrew and Peggy Cherng (the Panda defendants), claiming that they had conspired with Rezko to defraud investors and had aided and abetted Rezko's breaches of his fiduciary duties to the investors in his businesses. All rights reserved. Giving. See Massey v. Merrill Lynch & Co., Inc., 464 F.3d 642, 645 (7th Cir.2006) (applying law of state of incorporation to derivative claim issue). She next contends that the Panda defendants falsely stated the purchase price was for fair market value. In the earlier case, the Panda defendants did not challenge PE Chicago's standing to bring the fraud claims. Hibachi San. But, at least until she filed her reply brief, which was too late, she did not. This case concerns an ill-fated investment that Fortunee Massuda made in a group of Panda Express restaurants. In this court, she argues that the court erred in so finding. See FED. Learn more about FindLaw’s newsletters, including our terms of use and privacy policy. About Panda Express ® Menu Also Available on Panda Express Menu * Disclaimer: Information shown on the website may not cover recent changes. Massuda already has turned down a chance to sharpen her fraud pleadings, which must meet the specificity requirements of Federal Rule of Civil Procedure 9(b). Our bold flavors and fresh ingredients are freshly prepared, every day. Gift Cards. We will continue to support hospitals with PPE and food donations. ROSEMEAD, Calif., May 11, 2020 /PRNewswire/ -- In honor of National Hospital Week (May 10-16), American Chinese trailblazer Panda Express® has created an appreciation discount program for hospital staff and first responders to show its deep appreciation and gratitude to these everyday heroes during this global health crisis. An agreement provided that the original conversion rate was $1.33 of debt per share; later it was reduced to $.75, and then $.50. Those separate harms resulted from the same transaction, yet they are independent of each other.” Id . Express stock price target cut to $1.50 from $2.00 at Wedbush Aug. 19, 2020 at 7:11 a.m. See 8 Del.C. Hibachi-San. View More > Brand Illustration by Sam Kerr. Stay up-to-date with FindLaw's newsletter for legal professionals. Judicial estoppel is designed to prevent parties from obtaining an unfair advantage by taking a present position that is inconsistent with one successfully taken in the past. About Panda Express® On a mission to inspire better lives, American Chinese trailblazer Panda Express is the largest Asian dining concept in the U.S. Family-owned and operated since 1983 by co-founders and co-CEOs Andrew and Peggy Cherng, Panda Express is best known for creating a wide variety of industry-first recipes, including its best seller the Original Orange Chicken® and award-winning Honey Walnut Shrimp, which have defined the category of authentic American Chinese cuisine. As America’s favorite Chinese restaurant, Panda Express has close to 2,000 locations globally and continues to grow over 100 restaurants annually. Founded in 1983 at the Glendale Galleria in Glendale, California, Panda Express is America's favorite Chinese restaurant. at 100. Panda Express CEOs Andrew and Peggy Cherng have turned their restaurant into a global empire, and have a combined net worth of $3.3 billion. The district court concluded that all of Massuda's claims, except portions of her fraud claim, were derivative, and on that ground dismissed those counts with prejudice for failure to state a claim upon which relief could be granted. ET by Tomi Kilgore Express shares jump 13% premarket as retailer says sales and traffic improving as … Concessions was also the majority owner of Rezko Enterprises, LLC (Enterprises), another company controlled by Rezko; Enterprises wholly owned and controlled PE Chicago, LLC (PE Chicago), a Delaware limited liability company. Google Chrome, Thousands of new, high … Instead, the agreement stated that Rezko (defined to include Rezko Concessions and its affiliates as well as Rezko himself) owed Panda substantial monies and that those debts were retired by the sale. On appeal, the Panda defendants also argue that even assuming they did say her interest was worthless, that was a matter of opinion and not actionably false. Food. ), INC. is an entity registered at California with company number C1612893. Panda acquired PE Chicago's 50% interest in the RC Partnership for significantly less than its fair market value. Dow adds 114 points, or 0.4%, and S&P 500 ends three-session losing streak after jobless claims improve more than expected By conducting the sale without a vote, we can assume that Rezko deprived the members of their voting power and that this amounted to a harm felt directly by the members. Massuda's next allegation is that the Panda defendants omitted material information by failing to notify her when Panda acquired PE Chicago's interest in the RC Partnership, even though they knew of her interest. In her complaint, Massuda explains that she called Panda's general counsel, said that she was suing Rezko, and wanted to know if Panda was interested in buying her interest in the company. Panda Restaurant Group Inc., which includes Panda Inn, Panda Express and Hibachi-San (a Japanese teppanyaki grill and sushi restaurant), has a huge presence in the United States. For more information about Panda, visit pandaexpress.com, or find us on Facebook, Twitter or Instagram. Dive deeper with interactive charts and top stories of EXPRESS, INC.. If Massuda had alleged that Panda aided and abetted Rezko's unlawful dilution of member voting power, she would have stated a claim for a direct injury. Count IV alleges that the Panda defendants were aware of Rezko's duties as an officer of PE Chicago and Enterprises and yet knowingly participated, assisted, and benefited from his breach of these duties via the secretive sale of the RC Partnership interest. (As far as the record shows, Massuda received no benefit from this settlement other than the indirect effect that filtered up to her from whatever PE Chicago recovered.). P. 12(b)(6). Panda Express launches job fair in Hawaii as it looks to hire 10K national employees. Disclaimer |
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