Palm Class Action Settlement Announced In Stockholder Class Action Suit Filed Against Palm Over Hewlett-Packard HP Merger.
Palm, Inc. (Palm) announced in its definitive additional proxy materials filed with the SEC that it has entered into a memorandum of understanding (MOU) to settle a stockholder class action lawsuit (styled Steve Ubaney v. Jonathan Rubinstein, et al., Case No. 5459) that was filed in the Delaware Court of Chancery against certain Palm directors, alleging that they breached their fiduciary duty by failing to maximize stockholder value in negotiating and approving the merger agreement with Hewlett Packard HP and that their proxy statement omitted certain material information, according to class action lawsuit news reports.
The proposed Palm stockholder class action settlement is reportedly conditional upon, among other things, the execution of an appropriate stipulation of settlement, consummation of the merger and final approval of the proposed settlement by the court. The class action settlement will reportedly not affect the amount of the merger consideration that Palm stockholders are entitled to receive in the merger with Hewlett Packard HP.
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