Friday, 27 March 2015
Last updated 3 hours ago
May 22 2013 | 10:31am ET
Hedge fund Red Oak Partners has sued to overturn Digirad Corp.'s May board election, alleging that the company effectively stole it.
Red Oak accused Digirad of voting some 6% of shares that had been bought back by the company, among other improprieties, and have asked the Delaware Chancery Court to order a new election.
"We are greatly disappointed with Digirad’s insiders as we do not believe they held a fair election of Directors," Red Oak founder David Sandberg said. "Per the June 29, 2012 agreement, this same slate of Digirad Directors agreed to hold what we expected to be a fair election by May 5, 2013 when they asked us not to contest their re-election at that time. Instead we have learned, based on information provided to us by the independent Inspector of elections, Broadridge, and others, that Digirad’s insiders generated and we allege improperly voted a proxy card for its treasury shares (approximately six percent of shares) in favor of its Directors and proposals early in the contest despite such shares being not legally eligible to be voted because they are shares which no longer exist—they are shares that have been bought back and were retired or available for re-issuance."
Red Oak also alleges that Digirad and its adviser, Investorcom, refused to allow it to track the treasury shares, and inflated the management slate's vote totals in preliminary results. The hedge fund also objects to Digirad's decision to withhold its first-quarter results until the business day after the annual meeting.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…