21st Century Holding (TCHC) Verifies Shareholder Derivative Lawsuit

April 1, 2008 5:08 PM EDT

In Today's 8-K Filing From 21st Century Holding (Nasdaq: TCHC): On March 18, 2008 a verified shareholder derivative lawsuit was filed against certain current or former officers and directors of 21st Century Holding Company in the United States District Court for the Southern District of Florida by Anthony Neil Sellers, derivatively on behalf of nominal defendant 21st Century Holding Company. The complaint alleges breaches of fiduciary duties, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment occurring from October 3, 2006 through the present. The complaint seeks an unspecified amount of damages. The Company believes that the allegations in the complaint are without merit and fully intends to vigorously defend such action.

21st Century Holding Company (21st Century) is an insurance holding company, which, through its subsidiaries and its contractual relationships with its independent agents and general agents, controls substantially all aspects of the insurance underwriting, distribution and claims process. [SM]

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