Alticor Leaders - including Dick DeVos - sued

[vanboggie]

Friday, July 14, 2006
By Aaron Ogg
The Grand Rapids Press

GRAND RAPIDS -- The way three former Amway Corp. Asian subsidiary investors see it, Alticor Inc. President Doug DeVos, Chairman Steve Van Andel and former President Dick DeVos helped cheat them and others out of more than $1 billion seven years ago.

Alticor attorney Robert Yonker says the former stockholders had an opportunity to recover their presumed losses, and they failed to do so.

The investors sued Amway Asia Pacific, its executives and its New York investment firm, Goldman Sachs, nearly five years ago. They claim they were forced to sell shares when the company went private and before stockholders could reap rewards of China's huge consumer market.


More...
http://www.mlive.com/business/grpress/index.ssf?/base/business-4/115288848113380.xml&coll=6

[EmmitFitzhume]

1. I'm shocked

that DeVos would face charges that he treated investors unfairly in order to put a few more bucks in his pocket. That doesn't sound like the man we have seen on his ads. He probably needed the money to buy a 9th house.

I didn't see anything in the article about the results of the hearing, die I miss something or do we know the outcome. Where there's smoke there's fire and there is a lot of smoke around the DeVos camp right now.

[vanboggie]

2. Don't know outcome

I just saw the article this afternoon and thought it was interesting.