Bernstein Litowitz Berger & Grossman has filed two shareholder suits in the Court of Chancery that claim LSB Industries Inc. and United Airlines are each trying to sidestep poison pill laws and thwart shareholder activism.
Aside from the language referring to facts specific to one company or the other and their respective plans, the two complaints mirror each other. They cite the same Delaware case law, bring two breach of fiduciary duty claims—one alleging disclosure violations and the other that board members are using the plans as a means of entrenching themselves—and are brought by the same shareholder plaintiff, Colleen Witmer.
