Former Cypress CEO Secures Order for Added Disclosures Ahead of Stockholder Vote
The Delaware Court of Chancery on Thursday postponed the annual stockholder meeting of Cypress Semiconductor Inc. and ordered the company to make additional disclosures related to alleged conflicts of interest on its board.
June 05, 2017 at 03:57 PM
4 minute read
The Delaware Court of Chancery on Thursday postponed the annual stockholder meeting of Cypress Semiconductor Inc. and ordered the company to make additional disclosures related to alleged conflicts of interest on its board.
The ruling came just one week before investors were scheduled to meet to elect two new board members in the midst of a heated proxy fight launched by T.J. Rodgers, the firm's founder and former CEO. Rodgers, who won a books-and-records suit against Cypress in April, had accused the company's directors of overpaying its current executive chairman, H. Raymond Bingham, and hiding his involvement with a competitor.
At a hearing in Wilmington, Chancellor Andre G. Bouchard halted the June 8 shareholder meeting until investors can sift through new information that was not included in earlier filings with the U.S. Securities and Exchange Commission.
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