PHILADELPHIA – A stockholder has filed a lawsuit in an attempt to stop a Silicon Valley stockholder meeting, claiming that the planned proposal at the meeting would violate SEC regulations.
Cathy Buch filed a lawsuit April 25 in the U.S. District Court for the Eastern District of Pennsylvania against Juniper Networks Inc., asking a court to require the company to comply with the disclosure rules promoted by the U.S. Securities and Exchange Commission.
Juniper scheduled an annual shareholder meeting on May 25, 2016 to solicit their proxies for four board proposals and furnished a proxy statement for this meeting, the suit says. According to the lawsuit, Proposal 3 of the proxy statement failed to disclose the classes of eligible participants, their approximate number, and the bases of their participation for the plan.
Thus, the proposal does not comply with SEC regulations, according to the claim.
Buch is seeking a preliminary and permanent injunction enjoining Jupiter from certifying or accepting any vote cast by or on behalf of any Juniper stockholder in connection with Proposal 3 in Juniper’s proxy statement.
Buch is being represented by attorneys Beth T. Seltzer and Daniel E. Bacine of Barrack, Rodos & Bacine in Philadelphia.
U.S. District Court for the Eastern District of Pennsylvania Court Case number 2:16-cv-01953-GEKP