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March 6, 1997
A group of shareholders filed a lawsuit alleging that Wiz Technology Inc. issued false financial statements. The suit, which seeks class-action status, claims Wiz Technology and certain officers and directors used an inflated share value to acquire another software company, lawyers for the plaintiffs said Wednesday. The suit, filed in Orange County Superior Court, seeks to recover damages for those who bought Wiz shares between Dec. 11, 1995, and Nov. 11, 1996.
April 30, 2011 | By Walter Hamilton, Los Angeles Times
The annual stockholder meeting of Warren Buffett's Berkshire Hathaway Inc. has long been more a party than a business event. Disciples of the investment guru snap photos with their hero, eat rib eye at his favorite steakhouse and queue up to buy baubles at a jewelry store owned by the giant holding company. As many as 40,000 delight in a long weekend of wholesome fun that Buffett has dubbed the Woodstock of Capitalism. And in an era in which bad business behavior is prominent in the public psyche, many Buffett admirers attend simply for life lessons from an octogenarian revered as much for his homespun values and ethical moorings as his financial wisdom.
September 17, 1986
Burroughs announced the completion of its $4.78-billion purchase of rival computer maker Sperry with approval of the transaction by Sperry shareholders and the filing of legal documents. Sperry had accepted Burroughs' bid in May. Earlier this week, Burroughs announced 28 executive appointments, including people from both Detroit-based Burroughs and New York-based Sperry. Burroughs spokesman James Kenyon said a new name for the combined companies likely would be announced in October.
August 26, 2010 | By Walter Hamilton, Los Angeles Times
A divided Securities and Exchange Commission on Wednesday approved a rule that could make it easier for shareholders to force out directors of underperforming companies. With the change, a big shareholder can get its board nominees listed on a company-mailed "proxy" ballot alongside the candidates favored by management. Until now, shareholders had go through a laborious and expensive process of sending their own mailings. Backers of the SEC's action — including public pension funds, shareholder advocates, labor unions and some investment managers — said it would give shareholders more leverage to force changes at poorly performing companies and to put the brakes on runaway executive compensation.
May 2, 1989 | JAMES F. PELTZ, Times Staff Writer
The annual meeting last Thursday of Valley Federal Savings & Loan was marked by plenty of grumbling by stockholders. Then again, the Van Nuys-based thrift has given them plenty to grumble about. Valley Federal, with $3.44 billion in assets, lost $3 million in 1988 and last week reported a first-quarter profit of $178,000, compared with a $1.4 million profit a year earlier. All Valley Acceptance, a loss-ridden Valley Federal subsidiary that provides loans for mobile homes, lost another $3.8 million in the quarter.
April 11, 1989 | From United Press International
Northern Ireland is joining South Africa as a prime target of U.S. stockholders who use their proxies to press ethical and social justice issues, the Interfaith Center on Corporate Responsibility reported today. As the spring round of company stockholder meetings moves into full swing, a survey by the Interfaith Center, an agency related to the National Council of Churches, said a record 21 resolutions relating to Northern Ireland are on the agendas of American companies. That is an increase of four resolutions from the 1988 figure and it more than doubles the 10 presented in 1987, when concerns about Northern Ireland took a firm hold on church groups and pension funds, the major social responsibility investors.
March 20, 1986 | DOROTHY TOWNSEND, Times Staff Writer
When some owners of Denny's restaurant stock thought they had eaten losses in a merger last year, they filed a class-action lawsuit. Now some are angry at having to swallow the proposed settlement of their suit. Lawyers for both sides have proposed that the 4,000 former stockholders be issued scrip worth 20 cents a share and redeemable for meals at the 1,000 Denny's restaurants in 43 states over the next three years.
June 5, 1989
Bob Harlan, the Green Bay Packers' executive vice president of administration, is expected to replace Robert Parins as president when stockholders meet today.
June 7, 1989
United Airlines said it asked the Department of Transportation for authority to begin daily nonstop flights between its hub in Chicago and Warsaw . . . Whittaker Corp. said its annual meeting of stockholders will be held June 28.
March 26, 1998
No one mentions the true purposes of NATO: To sell arms to new NATO members; to increase dividends to stockholders of defense industries; to maintain our military-industrial complex. ALTON L. SAFFORD Wrightwood
August 10, 2010 | By David Sarno and Walter Hamilton, Los Angeles Times
Without its star executive, Hewlett-Packard Co. was left rudderless Monday, its stock foundering, its future uncertain and some investors questioning whether the ouster was necessary at all. Just days after the world's largest computer maker ejected Chief Executive Mark Hurd, investors and analysts began asking if the company's directors acted rashly. In his five years at the helm, Hurd had overseen a near-doubling of HP's market value to $100 billion. After plunging almost 10% — and wiping out nearly $10 billion in value — in late trading Friday, HP shares failed to regain much ground Monday as investors remained anxious about the leadership vacuum.
June 24, 2010 | By Claudia Eller and Ben Fritz, Los Angeles Times
Lions Gate Entertainment, the embattled studio under siege from dissident investor Carl Icahn, has been holding merger discussions with the management of beleaguered Metro-Goldwyn-Mayer, according to people close to the situation. The talks, if successful, could result in a powerful independent studio with a library of thousands of movies and television shows that would be run by Lions Gate's management team. People with knowledge of the discussions said that Lions Gate Chief Executive Jon Feltheimer and Vice Chairman Michael Burns were pursuing a merger with MGM to fend off a takeover attempt by Icahn, who has accumulated nearly one-third of Lion Gate's stock and has threatened to wage a proxy war to gain control.
December 30, 2009 | By E. Scott Reckard and Martin Zimmerman
Broadcom Corp. said Tuesday it would pay $160.5 million to settle a securities fraud lawsuit over backdated stock options, an agreement that comes less than three weeks after a federal judge threw out related criminal cases and a government civil action. The resolution marks the third time Broadcom has agreed to pay millions of dollars to settle options-related litigation, but the company cast the development as the beginning of the end for the long-running controversy. "Today's settlement brings Broadcom closer to the day when we can put the stock-option cases behind us once and for all," said Scott McGregor, chief executive of the Irvine microchip company.
June 9, 2009 | Times Wire Reports
Oracle Corp. and Sun Microsystems Inc. have refiled their merger applications with U.S. antitrust authorities, a move that extends the deadline for the government to respond to the proposed combination. Sun said it would hold a July 16 stockholders meeting to approve the combination. Oracle, the world's second-largest software maker, announced April 20 that it would purchase Sun, a maker of server and storage computers, for $7.4 billion.
May 26, 2009 | William Heisel and E. Scott Reckard
In the court of public opinion, Countrywide Financial Corp. co-founder Angelo Mozilo is the chief villain in the mortgage crisis that has crippled the economy. But, even with arrows in his back from politicians and pundits and an outraged public, he could still ride into the sunset mostly unscathed, several prosecutors and other legal experts say. The sheer volume and complexity of the cases against Mozilo open opportunities for shrewd legal maneuvering.
May 6, 2009 | Alex Pham
Spurned by the board of Emulex Corp., Broadcom Corp. said Tuesday that it would take its $764-million cash offer directly to the Costa Mesa company's shareholders through a tender offer. Irvine-based Broadcom also said it filed papers with the Securities and Exchange Commission seeking a special meeting of stockholders to repeal a "poison pill" that Emulex's board adopted in January to thwart hostile takeover attempts.
May 16, 1996
Downsizing has brought huge profits for corporate stockholders. How long do we, as citizens, have to wait to see the same policy applied to government with a corresponding reward for taxpayers? BILL M. CHASE Mission Viejo
February 8, 1987
The Jan. 18 column by T. Boone Pickens Jr. ("1 Share, 1 Vote--Make It the Rule for All Exchanges") is true and concise. As a legal counselor and president of my own corporation, I am aware of what can happen to stockholders if the Securities and Exchange Commission decides to allow companies listed on the New York Stock Exchange to have dual classes of common stock. I favor a one-vote, one-share concept because that was the democratic process adopted by our forefathers when the Constitution was written.
April 2, 2009 | Ralph Vartabedian and Tom Hamburger
Even as American International Group Inc. was sliding into insolvency in recent years and negotiating a massive federal bailout last year, it was constructing a compensation package for top executives that would provide as much as $1 billion in bonuses, according to a shareholder lawsuit filed Wednesday in Los Angeles.
June 1, 2008
There is nothing more annoying to me than statements such as "There are only so many qualified CEOs to go around, and they often demand top dollar for their services." ("Fair is fair -- but exec pensions aren't," Consumer Confidential, May 25.) These people were not chief executives out of the womb. They became CEOs from working hard and gaining experience in their fields. There are thousands of people who fit that description and would jump at the chance to be a CEO -- and probably do a fine job -- for much less.
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