Red Lobster lost millions on its endless shrimp disaster. Shareholders say it was a ‘car crash’ designed to squeeze profits

(Credit: Paula Lobo—American Broadcasting Companies, Inc. via Getty Images)

Red Lobsters’ infamous $20 “Ultimate Endless Shrimp” promotion nearly sank the restaurant chain, now shareholders are alleging the promotion was a ploy by a former majority shareholder based in Thailand to squeeze as much benefit as possible from the eatery.

A May lawsuit filed in Orange County, Fla. by a trust representing shareholders alleged that Thai Union Group, one of the world’s largest seafood producers whose shares trade on the Stock Exchange of Thailand (SET), exploited its controlling stake, CNBC reported.