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Dell Agrees to Corporate Governance Changes
29 September 2009:
The computer maker also said it would pay the plaintiff attorneys' fees and expenses up to $1.75 million.
Shares fell 2.1% to $15.34 in after-hours trading. The stock is up about 50% this year but is still down 8% from a year ago.
The defendants didn't admit any wrongdoing as part of the settlement.
Among the items Dell agreed to are that at least 60% of the board be composed of independent directors. The company also set required that executive sessions of independent directors be held during at least 60% of regularly scheduled board meetings and any other time requested by a director.
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Source: The Wall Street Journal