sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.)
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|_| Preliminary Proxy Statement
|_| Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2)
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|X| Definitive Additional Materials
|_| Soliciting Material Pursuant to ss.240.14a-11(c) or
ss.240.14a-12
LONE STAR STEAKHOUSE & SALOON, INC.
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(Name of Registrant as Specified In Its Charter)
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-2-
FOR IMMEDIATE RELEASE
FEDERAL COURT RULES IN FAVOR OF LONE STAR IN
LONE STAR STEAKHOUSE AND SALOON, INC. VS. GUY ADAMS
ORDERS THE CORRECTION OF GUY ADAMS' FALSE AND MISLEADING STATEMENTS
Wichita, Kansas, Monday, June 25, 2001 - Lone Star Steakhouse and Saloon, Inc.
(NASDAQ: STAR) today announced that the U.S. District Court for the District of
Kansas ruled that Guy Adams violated federal securities laws by making false and
misleading statements in his proxy materials to solicit votes for election to
the Lone Star Board of Directors. Accordingly, the Court issued an injunction
requiring Guy Adams to make corrective disclosure.
Lone Star's independent directors issued the following statement regarding the
Court's decision:
"We are very pleased that the Federal Court moved to protect Lone Star's
stockholders by ordering Guy Adams to correct his false and misleading
statements. This finding vindicates our decision to seek legal recourse against
Guy Adams for attempting to mislead our stockholders through the use of false
statements and illegal proxy activities and impugn the integrity of our board.
"Lone Star's Board of Directors and management team, under the leadership of
Jamie Coulter, are creating value for our stockholders, evidenced by the 49.4
percent increase in our stock price through June 22, 2001, our solid 2001 first
quarter results and our strong balance sheet. We urge our stockholders to
continue to protect their investment in Lone Star by supporting Jamie Coulter's
candidacy for re-election to the Lone Star Board of Directors."
Lone Star also noted that while the Court did not grant an injunction against
Guy Adams for failure to disclose that persons other than himself are supporting
the cost of the solicitation and proxy contest, the Court, at the preliminary
injunction hearing, said that "the plaintiff has certainly pointed out some
facts which could be construed, if we were just dealing with a probable cause
kind of standard, that could lead one to believe that there are other
participants who have not been disclosed." The Court further stated, "I'll tell
you that I have some real concerns that there's something going on that we don't
know about with respect to persons supporting Mr. Adams . . ."
-more-
Page 2
Lone Star's Board of Directors unanimously urges its stockholders to reject Guy
Adams' proxy request and to vote their shares by signing, dating and returning
their WHITE proxy cards. For more information about how to vote for the Lone
Star director nominee, stockholders can call Lone Star's proxy solicitor,
Innisfree M&A Incorporated, at 1-877-750-5838 (toll-free).
Lone Star owns and operates Lone Star Steakhouse & Saloon restaurants,
Sullivan's Steakhouse restaurants, and Del Frisco's Double Eagle Steak House
restaurants.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Although the Company
believes the assumptions underlying the forward-looking statements contained
herein, including the development plans of the Company, are reasonable, any of
the assumptions could be inaccurate, and therefore, there can be no assurance
that the forward-looking statements contained in the press release will prove to
be accurate.
Lone Star contacts:
John D. White Andy Brimmer/Joele Frank
Lone Star Steakhouse and Saloon, Inc. Joele Frank, Wilkinson Brimmer Katcher
(316) 264-8899 (212) 355-4449
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