Palm settles shareholder suit

Similar class action suits remain open. The smartphone maker will hold a special meeting this month where shareholders can vote on the impending sale to HP.

Almost as soon as the news hit that Hewlett-Packard planned to purchase Palm for $1.2 billion , shareholder lawsuits started rolling in. On Wednesday Palm said it had settled at least one of them.

The suit, Steve Ubaney v. Jonathan Rubinstein, et al., was filed May 5 in Delaware, on behalf of Palm shareholders that thought CEO Rubinstein should have held out for a selling price higher than the $5.70 per share it accepted from HP. In an SEC filing, Palm did not disclose the details of the settlement, which was reached Tuesday.

And other similar class action suits remain open. However, Palm also has hatched a plan to mollify shareholders not happy: It will hold a special shareholder meeting on June 25 where they can vote on the sale.

About the author

Erica Ogg is a CNET News reporter who covers Apple, HP, Dell, and other PC makers, as well as the consumer electronics industry. She's also one of the hosts of CNET News' Daily Podcast. In her non-work life, she's a history geek, a loyal Dodgers fan, and a mac-and-cheese connoisseur.

 

Join the discussion

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

HOT ON CNET

Delete your photos by mistake?

Whether you've deleted everything on your memory card or there's been a data corruption, here's a way to recover those photos.