Digirad's Board Of Directors Election Valid, Judge Says
Law360, Los Angeles (October 24, 2013, 5:59 PM EDT) -- A Delaware judge on Wednesday ruled that a contested election to replace Digirad Corp.'s board of directors was valid, rejecting hedge fund Red Oak Partners LLC's arguments that a new election should be held because of alleged breaches of fiduciary duty that created an unfair proxy contest.
The decision comes more than two months after Vice Chancellor John Noble declined to dismiss Red Oak's effort to force a rematch, finding the company's allegations that Digirad withheld negative information in the weeks leading up to a May shareholder vote, improperly voted unissued treasury shares in the company's favor, and failed to disclose...
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