The Scott & Scott law firm has filed a shareholder derivative suit against former Hewlett-Packard CEO Mark Hurd and the board of directors, alleging that disclosures surrounding his resignation led to a drop in the company's stock price. The complaint, filed on behalf of the Brockton Contributory Retirement System, alleges that Hurd was not entitled to severance benefits and the board's authorization of the payments was "an abuse of their discretion and a violation of their duty of loyalty to HP and its shareholders."
August 16, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Scott & Scott law firm has filed a shareholder derivative suit against former Hewlett-Packard CEO Mark Hurd and the board of directors, alleging that disclosures surrounding his resignation led to a drop in the company’s stock price.
The Connecticut-based firm filed its complaint Tuesday in Santa Clara County Superior Court on behalf of Massachusetts-based Brockton Contributory Retirement System.
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