Unico’s Reverse Stock Split Called Illegal

SAN DIEGO (CN) - Unico Inc., a publicly traded, Arizona corporation in the mining and drilling business,is planning an illegal reverse stock split that will dilute shareholders' ownership from 96 percent of common shares to less than 1 percent, and increase company directors' ownership from 1 percent to nearly 50 percent, a class-action complaint claims in Federal Court. See complaint.