Office Depot’s top investor sues it for not holding a shareholder meeting
On the eve of Office Depot Inc.s proposed merger with little brother Office Max Inc., Office Depots top investor sued it for not holding its annual shareholder meeting.
June 14, 2013 at 07:20 AM
2 minute read
The original version of this story was published on Law.com
On the eve of Office Depot Inc.'s proposed merger with little brother Office Max Inc., Office Depot's top investor sued it for not holding its annual shareholder meeting.
Starboard Value LP sued the office supply retailer on Thursday in Delaware's Court of Chancery, accusing it of not holding a shareholder meeting for 13 months. The investor is presumably miffed because it claims Office Depot needs to restructure its board, whether or not the merger goes forward, and it has nominated six potential members for the 10-member board, including Robert Nardelli, the former CEO of Home Depot.
The marriage of the office supply stores is awaiting regulatory approval—it's a $937.2 million all-stock deal. While the companies are waiting, they plan to have separate special shareholder meetings on July 10. However, Starboard says it does not expect Office Depot to elect directors at this meeting, and so it was forced to file this lawsuit.
“The proposed merger provides no basis for the company to deprive stockholders of their right to meet annually to elect directors,” Starboard's complaint reads.
Read more at Thomson Reuters.
For more InsideCounsel coverage of mergers, see below:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Coinbase Hit With Antitrust Suit That Seeks to Change How Crypto Exchanges Operate
3 minute read
Baker Botts' Biopharma Client Sues Former In-House Attorney, Others Alleging Extortion Scheme
Trending Stories
- 1Kirkland's Daniel Lavon-Krein: Staying Ahead of Private Equity Consolidation
- 2Many Southeast Law Firms Planned New, Smaller Offices in 2024
- 3On the Move and After Hours: Goldberg Segalla, Faegre Drinker, Pashman Stein
- 4Recent FTC Cases Against Auto Dealers Suggest Regulators Are Keeping Foot on Accelerator
- 5‘Not A Kindergarten Teacher’: Judge Blasts Keller Postman, Jenner & Block, in Mass Arb Dispute
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
