October 17, 1995 |
The U.S. District Court in Delaware approved a $36.5 million class-action settlement between the Columbia Gas System Inc. and shareholders to resolve alleged securities violations surrounding the Wilmington company's financial problems in 1991. Columbia Gas will distribute the money to shareholders who bought or sold the company's stock between a January 1990 common stock offering and June 1991, when Columbia suspended its dividend and disclosed that it might file for bankruptcy.
April 21, 1987 |
The new chief executive of Mellon Bank Corp. tried yesterday to reassure stockholders worried about the bank's future. But some shareholders remained unconvinced. Chairman and chief executive Nathan W. Pearson told shareholders during their annual meeting that the company was in a "time of transition, not a time of stagnation and indecision. " But not all shareholders were so sure. Helen McEldowney Patterson, one of more than a dozen who spoke, said, "I question where the directors were when the alarm signals went off. "Why wasn't the whistle blown?
September 10, 2008 |
Willow Financial Bancorp Inc.'s purchase by Harleysville National Corp. for $169.2 million was approved by shareholders, Harleysville said today. The deal, which awaits regulatory approvals, will create the third-largest bank headquartered in the Philadelphia region, with $5.5 billion in assets and 84 branches, Harleysville said. The sale, announced in May, is expected to close in the fourth quarter.
February 13, 2013 |
Apple CEO Tim Cook is calling a shareholder lawsuit against the company a "silly sideshow," even as he said he was open to looking at the shareholders' proposals for sharing more cash with investors. Investor David Einhorn sued Apple Inc. last week, saying a proposal slated for a vote at the company's annual meeting in two weeks would make it more difficult to enact his plan to reward shareholders by distributing a new class of shares. Cook said Apple's proposal would put more power in the hands of shareholders, making it difficult to understand why a shareholder would fight it. Calling the fight a waste of time, Cook said Apple would not waste money by mailing shareholders to try to persuade them to vote for the proposal.
June 2, 2013
Each spring, dutiful shareholders fill out their proxy ballots to vote on a variety of corporate governance matters, including the election of directors. The votes are invariably lopsided affairs with shareholders, led by institutional investors such as mutual fund firms and pension funds, tending to rubber-stamp the candidates favored by the company. But on rare occasions, shareholders show their displeasure with a candidate by checking the "withhold" or "against" box more times than the "for" box. That happened to two directors at the May 28 annual meeting of Healthcare Services Group Inc., the Bensalem-based provider of housekeeping, laundry, and other services to nursing homes, retirement complexes, and hospitals.
June 9, 2012 |
OKLAHOMA CITY — Chesapeake Energy Corp. shareholders rebuked the company's board by withholding support for two directors up for reelection at Friday's annual meeting. Both directors have tendered their resignation. Shareholders also withheld their support for Chesapeake's executive compensation plan and peppered CEO Aubrey McClendon with questions about the corporate governance and accountability of the nation's second-largest producer of natural gas. Chesapeake is the largest natural gas producer in Pennsylvania and the largest leaseholder in the Marcellus Shale, which runs through the state.
August 31, 2013 |
Teva Pharmaceuticals shareholders met this week in Tel Aviv and approved the compensation package for chief executive officer Jeremy Levin - despite increasing pressure on the company from Wall Street analysts. Teva is based in Israel and has operations in the Philadelphia area. Its Americas headquarters is in Montgomery County. Teva sells more generic medicine than any other pharmaceutical company and is trying to increase revenue with higher-profit, brand-name drugs. But Levin also said the company would cut $1.5 billion to $2 billion in costs by 2015 with reductions that include layoffs and plant closures.
February 2, 2012 |
The Federal Deposit Insurance Corp. has established a website for current shareholders of the defunct Meritor Savings Bank. A federal judge in December ordered the FDIC, which was found to have improperly seized the former Philadelphia Savings Fund Society in 1992, to distribute $236 million to shareholders. That was the amount left from a $276 million court award after a $24 million contingency payment for the lawyer who led an 18-year court fight, $8.3 million in expenses, and the reserve of $7.6 million to cover a possible award to a former shareholder who has appealed the terms of the distribution.
May 22, 2014 |
Several groups plan to protest the Comcast Corp. shareholders meeting Wednesday morning, saying that Comcast's deal to acquire Time Warner Cable Inc. would be bad for consumers. About 100 people have indicated that they would participate in a demonstration outside the Kimmel Center for the Performing Arts on the 300 block of South Broad Street, organizers said Tuesday. The Comcast shareholders meeting is to begin at 9 a.m. in the Perelman Theater. Doors are to open at 8. Consumers Union, Free Press, and Common Cause are among the organizations sending officials, said Hannah Sassaman, policy director for the Media Mobilizing Project in Philadelphia.
November 17, 2011
Shareholders of Susquehanna Bancshares Inc. and Tower Bancorp Inc. approved the merger of the two banks in separate shareholders meetings Wednesday, Susquehanna, of Lititz, Pa., said. In a deal valued at $339.5 million when it was announced in June, Tower shareholders have the option of receiving either 3.47 shares of Susquehanna stock or $28 for each of their shares of Tower, which is based in Harrisburg. Susquehanna's acquisition of Tower, which still awaits regulatory approvals but is expected to be completed in February, comes not long after Tower, which has $2.5 billion in assets bought the First National Bank of Chester County.