Miami Firefighters, a union representing the city’s firefighters joined the fight against billionaire investor Carl Icahn in his attempt to take over Xerox. The union, along with other shareholders, is concerned about the potential negative impact on jobs and resources if Icahn’s hostile takeover is successful.
Icahn, known for his aggressive tactics in corporate takeovers, announced his intention to acquire Xerox in January 2018. He currently owns a significant stake in the company and has been pushing for changes in leadership and strategy. However, many Xerox shareholders, including Miami Firefighters, have expressed concerns about the potential consequences of Icahn’s involvement.
A lawsuit was filed, stating:
“At this stage of the litigation, the claim for breach of fiduciary duty was pleaded with the particularity required by CPLR 3016(b), as the complaint states that the Icahn defendants used confidential information about Xerox’s planned acquisition of HP Inc. to buy HP common shares before news of the acquisition became public and before HP’s stock price increased.”
This case is back in the news because Carl Icahn’s legal team had tried to have a motion for summary judgement filed, which was denied on January 6, 2023 according to Actionable Intelligence.
More news on this story as it becomes available.
SOURCE Industry Analysts Inc.