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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: hlpinout who wrote (95666)	3/4/2002 6:27:15 PM
From: hlpinout	Read Replies (1) \| Respond to of 97611

From Financial Times. -- Hewlett-Packard shrugs off lawsuit to halt vote By Scott Morrison in San Francisco Published: March 4 2002 20:18 \| Last Updated: March 4 2002 20:29 Hewlett-Packard dismissed as "defective" a lawsuit that seeks to halt a shareholder vote on the company's proposed $22bn acquisition of Compaq Computer until HP submits new proxy materials and recalculates the value of the transaction. The company said the suit appeared to be a tactic to either disrupt or profit from a contested proxy contest. HP said the plaintiffs had not moved for a preliminary injunction to block the vote. Walter Hewlett, the dissident HP board member, has waged an aggressive campaign to convince shareholders to reject the deal. But it was not immediately known whether Mr Hewlett was connected to the lawsuit filed by Weiss & Yourman, which seeks to represent HP investors. Some 900,000 HP shareholders are eligible to vote on the merger. The complaint, filed in a US district court in northern California, alleges that HP violated US securities laws by "omitting material information" in the proxy materials filed with regulators. The lawsuit also asserts that HP's officers violated their fiduciary duties to the detriment of shareholders. The action seeks to stop HP from proceeding with the March 19 shareholder vote until a "corrective proxy statement" is issued and until HP re-evaluates Compaq's worth as an acquisition candidate. The suit also seeks compensation for damages shareholders have suffered as a result of the alleged acts.