Starboard Value LP, Office Depot’s biggest investor, filed a lawsuit the night before its merger with Office Max for neglecting to hold its annual shareholder meeting.
According to Starboard, the company needs to restructure the board whether or not the merger goes through. Both Office Depot and Office Max have shareholder meetings planned for July 10. Starboard claims, however, that because no elections are scheduled to take place at that meeting, they have been forced to file a lawsuit against Office Depot.
The company owns about 15% of shares in Office Depot.
It is not uncommon for disputes like these to arise among shareholders. This type of litigation is one of The Patterson Law Firm’s largest areas of practice. If you would like to learn more about our firm visit pattersonlawfirm.com or call (312) 223-1699 to speak with one of our experienced attorneys.