HP sued by another shareholder on Compaq merger
WILMINGTON, DE, Apr 26, 2002 (AFX-Asia via COMTEX) -- Hewlett-Packard Co shareholder Donna Schneider has sued the company, its two top officials, and an investment bank over its proposed merger with Compaq Computer Corp.
The lawsuit, which requests class action status, alleged a breach of duties owed to shareholders.
Today's filing comes a day after a trial, prompted by a lawsuit filed by HP family heir Walter Hewlett contesting the HP-Compaq merger, concluded.
Court papers said the action was brought "for the improper and undisclosed actions, of the defendants."
Named in the lawsuit as defendants are HP chief executive Carly Fiorina and chief financial officer Robert Wayman, along with institutional shareholder Deutsche Bank and its affiliate Deutsche Asset Management.
During this week's trial, Hewlett alleged HP officials improperly influenced Deutsche Bank to vote a large block of its HP shares for the merger.
"These undisclosed acts tainted the March 19, 2002 shareholder's meeting," said today's filing.
HP could not be reached for immediate comment on Friday's filing.
A judge hearing the Hewlett case is expected to render a decision at any time after midnight.
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