Daktronics Sued by Shareholder Alta Fox Over Delaware Reincorporation Plan

MT Newswires Live

Feb 05, 2025

Daktronics (DAKT) shareholder Alta Fox Capital Management said Wednesday that it has filed a lawsuit against the company and its chief executive officer, Reece Kurtenbach, to block the company's plan to reincorporate in Delaware.

Alta Fox, which owns 11.7 %of Daktronics, said it has filed a preliminary proxy statement urging shareholders to vote against the reincorporation proposal at an upcoming special meeting.

Alta Fox said the timing of the proposal indicates that it is intended to thwart Alta's efforts to nominate new board members. The firm also criticized Daktronics' governance practices, such as its classified board structure and use of a poison pill.

Alta Fox said that if the lawsuit is successful, it plans to call a special meeting to push for board declassification, poison pill removal, and the election of new directors.

Daktronics did not immediately respond to MT Newswires' request for comment.

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The firm also criticized Daktronics' governance practices, such as its classified board structure and use of a poison pill.</p><p>Alta Fox said that if the lawsuit is successful, it plans to call a special meeting to push for board declassification, poison pill removal, and the election of new directors.</p><p>Daktronics did not immediately respond to MT Newswires' request for comment.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DAKT","symbol_name":"Daktronics","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2509281287","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2509281287","pubTimestamp":1738765029,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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