Canada, Ont.: Brick Brewing Co. reaches settlement agreement in a suit brought by shareholders

Brick Brewing Co. Ltd. and its co-defendants in a suit brought by certain shareholders have reached a settlement agreement, the company announced on May, 13.

The suit, filed in Marhc 2009 by two shareholders of Brick, claimed that a private placement of shares was prejudicial and unfairly disregarded them.

Brick said at the time that members of its board, and its president and chief executive officer, had invested their own money to get the company through a period of financial hardship.

The beer maker, based in Waterloo, Ont., said the parties have agreed to keep terms of the settlement confidential.

Brick originally announced the suit in March 2009 and said at the time it believed the claim had no merit.

20 May, 2011