A major Xerox shareholder has filed a lawsuit against the company, its Board of Directors and Fuji.
Darwin Deason is co-author of the open letter he and Carl Icahn sent to Xerox shareholders yesterday, urging the firing of the Xerox Board of Directors and nixing the proposed sale to Fuji.
The lawsuit contains similar language and reasoning, saying the deal is tilted in favor of Fuji and against owners of Xerox stock.
Deason filed the lawsuit in State Supreme Court.
Xerox released a statement in response to the lawsuit saying in part: "Mr. Deason’s allegations are without merit and the company will vigorously defend itself."
Read the full text of the statement below.
"Mr. Deason’s allegations are without merit and the company will vigorously defend itself.
After having considered all strategic alternatives available to the company, Xerox’s Board of Directors remains steadfast in its belief that the combination with Fuji Xerox is the best path to create value for the company and its shareholders.
It is unfortunate that Mr. Deason is seeking to interfere with Xerox shareholders’ right to decide and is relying on meritless legal claims. Xerox has fully disclosed the joint venture agreements, and the company will respond to Mr. Deason’s legal claims through the appropriate legal channels in due course."