Palm Sued Over HP Deal Stock Spat
Bloomberg is reporting on a new law suit filled this week again Palm Inc. The suit comes from investor named Steve Ubaney who claims the HP buyout deal cheats common stock holders while unfairly favoring holders of preferred shares such as the ones held by Elevation Partners.
Mr. Ubaney alleges that Palm directors breached their fiduciary duties and that common stockholders "will not receive their fair portion of the value of Palm's assets and will be prevented from benefitting from a value-maximizing transaction." He is seeking a court order to block the deal plus damages and is looking to represent other investors.
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