HP Board Members Sued Over Xerox Hostile Offer

HP Board Members Sued Over Xerox Hostile Offer

Legal reporter, Mike Leonard, has broken the news on Bloomberg Law that HP Inc’s directors were sued on March 19 by an investor.

The investor claims the board members are “withholding the findings Goldman Sachs & Co. relied on when it concluded HP’s shareholders should reject a hostile tender offer by Xerox Holding Corp.”

The proposed class action, before the Delaware Court states, “The board’s paternalistic ‘trust us’ approach is currently depriving HP stockholders of their fundamental right to make an informed decision.”

Leonard reports that the Chancery Court lawsuit doesn’t target Xerox, or HP or Goldman Sachs. It accuses HP’s board members, supposedly individually and collectively, of breaching their duties to shareholders by refusing to turn over vital information of interest to the shareholders.

The Delaware Court of Chancery is a court of equity in the American state of Delaware. It is widely recognized as the nation’s preeminent forum for the determination of disputes involving the internal affairs of the thousands upon thousands of Delaware corporations and other business entities through which a vast amount of the world’s commercial affairs is conducted. Its unique competence in and exposure to issues of business law are unmatched.

Related:

• Xerox Blames Pandemic for Abandoning HP Bid
• HP Inc. CEO Discusses Xerox Bid and More
• Xerox to Seek Approvals from Shareholders