SPH Group Holdings and Warren G. Lichtenstein, executive chair of Aerojet Rocketdyne Holdings and Steel Partners Holdings, filed a securities lawsuit Wednesday in California Central District Court. The complaint, brought by Quinn Emanuel Urquhart & Sullivan, Olshan Frome Wolosky and other lawyers, targets current Aerojet CEO Eileen P. Drake and other defendants for allegedly engaging in a ‘rogue campaign’ to install Drake’s ‘hand-picked’ board after rejecting Lichtenstein’s nominees. The complaint arises from the filing of a preliminary proxy statement last Friday seeking shareholder support to remove current board members in order to replace them with Drake’s picks. Counsel have not yet appeared for the defendants. The case is 2:22-cv-02788, Lichtenstein et al v. Drake et al.
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