Issuer Faces Shareholder Lawsuit For Alleged Omissions in Proposal to Amend Incentive Plan
Last month, a shareholder of Intel Corporation filed a complaint in the United States District Court for the Southern District of New York, seeking to enjoin the company from submitting to a shareholder vote a management-sponsored proposal in its proxy statement that asks shareholders to approve the amendment and restatement of its 2006 Equity Incentive Plan (the “2006 Plan”). The plaintiff’s complaint, which was brought under Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is premised on the allegation that Intel failed to “comply with the SEC’s disclosure requirements for proxy statements” with respect to its proposal to amend and restate the 2006 Plan.