Daktronics Inc.'s largest shareholder says the company’s board of directors is working to undermine its stockholder rights and wants a federal court to stop a reincorporation plot.
Alta Fox Opportunities Fund LP said the board is planning to have the company reincorporated from South Dakota to Delaware to thwart its calls for company-wide reform, according to a complaint Tuesday. Reincorporation would free Daktronics from South Dakota’s compulsory cumulative voting, enabling shareholders to pool their votes to accomplish their interests over the board of directors’.
The investor says the electronics company and its president Reece A. Kurtenbach have breached their fiduciary ...
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