An activist investor sued board members at First Foundation Inc., claiming they’ve fabricated a series of pretexts to block a vote on two dissident director nominees.
An affiliate of Driver Management Co.—run by activist Abbott Cooper, who focuses on the banking sector—filed the lawsuit Wednesday. It accuses First Foundation’s board of manipulating the proxy deadline and harassing director nominees to protect their own jobs at the allegedly underperforming financial firm.
The allegations echo recent disputes involving drugmaker CytoDyn Inc., asset manager BlackRock Inc., and bookseller Barnes & Noble Education Inc. In each case, a Delaware court ultimately ruled ...
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