Summary
CSX Corporation (CSX) filed a Form 8-K on June 19, 2008, to disclose the filing of a purported class action lawsuit against its directors on June 6, 2008. The lawsuit, filed by Louis Steger in Florida state court, alleges breaches of fiduciary duty related to the solicitation of proxies for CSX's 2008 annual shareholder meeting. The plaintiff seeks to correct alleged misstatements and omissions in proxy filings and requests equitable relief and costs. The company and its directors firmly believe the allegations are without merit and intend to vigorously defend against the lawsuit. The filing also includes the form of shareholder ballot to be used at the June 25, 2008, annual meeting, which allows for submission in person or by electronic transmission.
Key Highlights
- 1CSX Corporation disclosed a class action lawsuit filed against its directors on June 6, 2008.
- 2The lawsuit alleges breaches of fiduciary duty concerning proxy solicitations for the 2008 annual shareholder meeting.
- 3The plaintiff seeks injunctive relief to correct alleged misstatements and omissions in proxy filings.
- 4The company and its directors intend to vigorously defend against the lawsuit, believing the allegations are without merit.
- 5The filing also provides the form of the shareholder ballot for the upcoming June 25, 2008, annual meeting.
- 6Shareholder ballots can be submitted in person or via electronic transmission.