TORONTO - Canadian auto parts maker Martinrea International Inc. (TSX:MRE) faces a possible court challenge from former vice-chairman Natale Rea, whose is alleging certain directors and senior officer have breached their fiduciary duties.
Martinrea, which disclosed Friday that Rea's employment had been terminated in June 2012, said it hadn't a received the formal statement of claim.
"While the company has not had a chance to review the claim or allegations, it will review same and respond appropriately in due course," it said.
"The board will continue to act in the best interests of its shareholders and fulfil its fiduciary obligations."
Rea had been a director and executive of the company from 2002, when Martinrea acquired Rea International for about $200 million.
A news release issued Thursday on behalf of Rea and his company, Rea Holdings Inc., said he and other shareholders may seek a special meeting to remove the current directors and elect a new board.
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