IBS Financial shareholders waiting for an annual meeting date shouldn't mark their calendars just yet.
The New Jersey thrift set a record date of May 28 for shareholders eligible to vote at the annual meeting. But the actual event is still awaiting the outcome of the thrift's lawsuit against a dissident shareholders group.
IBS had sued investor Lawrence Seidman's shareholder group last year, saying the group did not accurately disclose all necessary information in its Securities and Exchange Commission filings. It also asked a judge to stop two of its supporters from running for the board.
A judge ruled against IBS and said the thrift could not reduce the size of its board to keep Mr. Seidman's supporters off.
IBS appealed the judge's ruling. The United States Court of Appeals for the Third Circuit is expected to hear the case during the week of May 19.