Jury Awards Damages to Central in Axelrod Litigation
September 01 2005 - 5:22PM
Business Wire
Central Garden & Pet Company (NASDAQ:CENT) today announced that
it has received a jury verdict in its litigation with Herbert and
Evelyn Axelrod. The jury found for Central on its claim against the
Axelrods for collection of the $10 million promissory note that the
Axelrods signed in 1997 at the closing of the T.F.H. acquisition.
The jury also found for Central on its claims against the Axelrods
for breach of warranty and fraud and awarded Central compensatory
damages for such claims in the amount of $10,340,000. The jury
awarded the Axelrods an aggregate of $3,700,000 for their claims
against Central. Central expects that a final judgment will be
entered after the Superior Court of New Jersey resolves a number of
matters that will be subject to post-trial motions. Until such
matters have been resolved, it is impossible to predict the amount
or timing of the final judgment. The court has ordered the Company
and the other parties to the litigation not to comment on the
verdict or other court proceedings. Central Garden & Pet
Company is a leading innovator, marketer and producer of quality
branded products for the pet and lawn and garden supplies markets.
Our pet products include pet bird and small animal food, aquarium
products, flea, tick, mosquito and other pest control products,
edible bones, cages, carriers, pet books, and other dog, cat,
reptile and small animal products. These products are sold under a
number of brand names, including Kaytee, All-Glass Aquarium,
Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac, Pre-Strike,
Altosid, Nylabone, TFH, Four Paws and Interpet. Our lawn and garden
products include grass seed, wild bird food, weed and insect
control products, decorative outdoor patio products and ant control
products. These products are sold under a number of brand names,
including Pennington, Norcal Pottery, New England Pottery,
GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons, AMDRO
and Grant's, Sevin, Over'n Out and Cedar Works. For additional
information on Central Garden & Pet, including access to the
Company's SEC filings, please visit the Company's website at
http://www.centralgardenandpet.com/. "Safe Harbor" Statement under
the Private Securities Litigation Reform Act of 1995: The
statements contained in this release which are not historical
facts, including future earnings guidance, are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
or implied by forward-looking statements. These risks are described
in the Company's Securities and Exchange Commission filings
including, without limitation, the resolution of litigation between
the Company and Herbert Axelrod. Central undertakes no obligation
to publicly update these forward-looking statements to reflect new
information, subsequent events or otherwise.
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