Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  AutoNation, Inc.    AN

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

AutoNation, Inc. : Nine companies sued over "exclusive forum" bylaws

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/08/2012 | 03:33am CEST

Chevron Corp (>> Chevron Corporation) and eight other corporations were sued by shareholders on Tuesday for adopting a bylaw that requires common types of shareholder lawsuits be brought exclusively in Delaware's Chancery Court.

"Exclusive forum" bylaws are being adopted by more and more corporations as a way to control a surge in shareholder litigation, though the move has been resisted by shareholders.

The interest in the bylaw comes as shareholders are increasingly bringing simultaneous lawsuits making nearly identical claims in two or more courts, often challenging merger deals.

Tuesday's lawsuits said the nine companies adopted the bylaw to reduce the risk that directors would be found liable.

"(The bylaw) was initiated, timed, structured and approved to benefit the directors at the expense of the stockholders," said the lawsuits.

Shareholders have resisted being forced to bring claims for breach of fiduciary duties and other matters of Delaware corporate law in the state's Chancery Court, which is often perceived as being overly protective of management at the expense of shareholders.

Some companies have adopted the "exclusive forum" through shareholder votes to amend charters, while others such as Facebook Inc have adopted them ahead of an initial public offering. The nine companies that were sued by shareholders adopted the bylaw by a vote of the board of directors.

In addition to Chevron, the companies are Priceline.com Inc (>> Priceline.com Inc), Franklin Resources Inc (>> Franklin Resources, Inc.), SPX Corp (>> SPX Corporation), Autonation Inc (>> AutoNation, Inc.), Superior Energy Services Inc (>> Superior Energy Services, Inc.), Danaher Corp (>> Danaher Corporation), Navistar International Corp (>> Navistar International Corporation) and Curtis Wright Corp (>> Curtiss-Wright Corp.).

The lawsuits were all brought by the Kessler Topaz Meltzer & Check LLP and Prickett, Jones & Elliott PA law firms.

(Reporting By Tom Hals; Editing by Bernard Orr)

By Tom Hals

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AUTONATION, INC.
08/10 AUTONATION : Dale Earnhardt Jr.’s Last NASCAR Cup Series Car Revealed Live..
08/09 INSIDER TRADING ACTIVITY AUTONATION, : AN) – Director Sold 2,800 shares of..
08/02 AutoNation profits miss estimates in second quarter
08/02 AUTONATION : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RES..
08/02 AUTONATION, INC. (NYSE : AN) reported earnings of $0.86 per share missing Walls ..
08/02 AUTONATION, INC. : Investor Network: AUTONATION, INC. to Host Earnings Call
08/02 AUTONATION : misses Street 2Q forecasts
08/02 AUTONATION, INC. : Results of Operations and Financial Condition (form 8-K)
08/02 AUTONATION : Reports Second Quarter 2017 Results
07/14 AUTONATION : Announces Second Quarter 2017 Earnings Conference Call and Audio We..
More news
News from SeekingAlpha
08/02 AutoNation (AN) Q2 2017 Results - Earnings Call Transcript
08/02 An Apple A Day Keeps The Bears Away
08/02 PREMARKET LOSERS AS OF 9 : 05 am
08/02 AutoNation down on earnings miss
08/02 2 Ways Guggenheim Offers Pure Style
Financials ($)
Sales 2017 21 550 M
EBIT 2017 775 M
Net income 2017 364 M
Debt 2017 2 570 M
Yield 2017 -
P/E ratio 2017 11,59
P/E ratio 2018 10,81
EV / Sales 2017 0,31x
EV / Sales 2018 0,30x
Capitalization 4 186 M
Chart AUTONATION, INC.
Duration : Period :
AutoNation, Inc. Technical Analysis Chart | AN | US05329W1027 | 4-Traders
Technical analysis trends AUTONATION, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 42,4 $
Spread / Average Target 1,6%
EPS Revisions
Managers
NameTitle
Michael J. Jackson Chairman, President & Chief Executive Officer
Lance E. Iserman COO & Executive Vice President-Sales
Cheryl Scully-Miller Chief Financial Officer & Executive Vice President
Thomas Conophy Chief Technology Officer & Executive VP
Rick L. Burdick Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AUTONATION, INC.-14.33%4 186
AUTOZONE, INC.-35.40%14 301
HOTAI MOTOR CO LTD--.--%6 146
ZHONGSHENG GROUP HOLDINGS LIMITED148.55%4 958
INCHCAPE19.52%4 482
GT CAPITAL HOLDINGS INC--.--%4 291