Travis Laster throws down new gauntlet to ‘entrepreneurial’ shareholder firms [Reuters]
A SCHULMAN (SHLM)
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Source: Reuters
Travis Laster throws down new gauntlet to ‘entrepreneurial’ shareholder firms | Reuters 7 Min Read (Reuters) - The Delaware judge who led the Chancery Court’s crackdown on disclosure-only settlements in shareholder suits challenging M&A deals is once again making shareholder firms squirm. In a short opinion issued Monday, Vice-Chancellor Travis Laster denied the request of a shareholder in the plastics company A. Schulman to inspect corporate books and records related to compensation for Schulman’s CEO. The vice-chancellor said the shareholder’s books-and-records suit, filed after the company refused to turn over materials on a $3.9 million compensation deal for its departing CEO, credibly contended that accelerated vesting of the CEO’s restricted shares may have violated Schulman’s equity compensation plan. Nevertheless, Vice-Chancellor Laster said, the shareholder, Jack Wilkinson, did not have a proper purpose for inspecting Schulman’s books and records because it was his lawyers –
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