The management team at SmartVideo will stay in place after a court fight in Delaware, the company said Monday.
SmartVideo (OTCBB: SMVD.OB) was involved in a proxy fight with investors led by investors Forte Capital Partners.
The ruling leaves “the current Board of Directors, Richard E. Bennett, Jr. and Justin A. Stanley and the current management team in place,” SmartVideo said. Another hearing was set for Nov. 21. “to definitively dispose of Forte Capital’s claims.”
The company added that an inspection of proxy returns “indicates that Forte Capital fell far short of the required majority of shareholder votes necessary to effect the changes Forte Capital was seeking.”