Shareholders sue Bandag over sale to Bridgestone

Muscatine, Iowa — Some shareholders of Bandag Inc. have filed a lawsuit against the Muscatine-based retreading systems, equipment and materials supplier for allegedly failing to seek purchasing offers from potential buyers other than Bridgestone Americas Holdings Inc.

The suit was filed on 8 Dec. in the Muscatine County District Court in the state of Iowa by Plumbers and Pipefitters Local 572 Pension Fund and is seeking class-action status on behalf of all shareholders. The complaint alleges that Bandag´s directors “breached their fiduciary duties of due care…

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