Ingles Markets (IMKTA) is "misleading" investors by claiming board nominee Rory Held faces a conflict of interest, shareholder Summer Road said Friday.

The candidate's existing trustee roles demonstrate his financial reliability, and he would be legally bound to prioritize all shareholders if elected, Summer Road said.

Summer Road's statement came after Ingles Markets on Thursday evening said the nominee maintains deep financial ties and conflicting fiduciary obligations to the Sackler family.

Summer Road is the family investment office for the Sackler family.

Ingles Markets said Held's duties of loyalty to external trusts would impair his ability to exercise independent judgment in the boardroom and encouraged shareholders to support candidates Rebekah Lowe and Dwight Jacobs because they lack competing obligations.