Dell Inc.’s proposed merger with EMC Corp. has prompted 15 class action lawsuits, and at least one of the suits is still being considered in a court of appeals, EMC reported Monday in a regulatory filing.The Massachusetts-based technology giant reported that 13 of the lawsuits were filed “purportedly” on behalf of EMC (NYSE: EMC) shareholders, and two on behalf of shareholders of affiliate VMware Inc. (NYSE: VMW).
Enlarge EMC Corp., led by CEO Joseph Tucci, left, with Dell Inc. CEO Michael Dell. The companies… more
A consolidated lawsuit involving nine plaintiffs was dismissed in December 2015 but it has been under appeal before the Massachusetts Supreme Judicial Court since June. The $60 billion merger, which was overwhelmingly approved by EMC shareholders on July 19, is scheduled to be completed during the third quarter that ends Sept. 30, according to the EMC filing with the U.S. Securities and Exchange Commission.
Eleven of the lawsuits alleged the merger violated the fiduciary duties of EMC directors. Some lawsuits also alleged EMC "aided and abetted the alleged breaches of fiduciary duty by the directors."
Plaintiffs in the initial 15 lawsuits include several labor organizations such as IBEW Local No. 129 in Ohio, the City of Miami Police Relief and Pension Fund and the City of Lakeland Employees Pension and Retirement Fund, the filing indicates.
The buyout, which was first proposed in October 2015, would be the largest technology merger in history. Denali Holding Inc., parent company of Round Rock-based Dell, has agreed to pay EMC shareholders $24.05 a share as well as 0.111 shares of a tracking stock related to California-based VMware.
Dell, the No. 3 computer maker in the world, employs 13,000 workers in Central Texas. The company has posted losses for the last three years. During fiscal 2016, it reported a loss of $1.1 billion on revenue of $54.8 billion compared with a loss of $1.2 billion on revenue of $58.1 billion during fiscal 2015, SEC filings show.
Last year, EMC reported a profit of $1.9 billion — well below the $2.7 billion profit it posted in 2014. Dell plans to rename the combined company Dell Technologies after the acquisition that’s being done in partnership with California-based Silver Lake Partners LP.
Christopher Calnan covers technology, finance and clean energy for the Austin Business Journal.
Melissa and Maddie are almost to the end of the 50 Peaks Challenge, but forest fires, midnight climbs and van breakdowns have caused major setbacks.
Find out how Microsoft technology has helped the duo summit the major peaks in the U.S. and see if they'll finish in time to break the record at microsoft.tumblr.com.
Recycling Electronics Information - East Pikeland Township
Recycle 3 electronic items for FREE:TV, Computer, Electronics, Appliances through December
- - Lanchester Landfill in Narvon, PA Link to Letter from CCSWA
Recycling Electronics Guidelines
A Law went into effect (Covered Device Recycling Act 108 of 2010) banning certain types of electronics (laptops, desktops, monitors, televisions, et al.) from being placed in a landfill with municipal waste. Instead, all such electronics must be recycled in an approved recycling facility. Note that Lanchester Landfill in Chester County has stopped accepting All Televisions.
The manufacturers of such devices are responsible for providing no-cost recycling opportunities for these electronic devices. Municipal trash haulers are banned from mixing these electronic devices with any trash going to the landfill.
Consumers of these electronic devices are responsible for taking their electronics to an approved electronics location or utilizing an electronics collection program if one is offered in their area. Some retailers may also offer no-cost collection opportunities.
For more information you can visit the Pennsylvania DEP website, or call their Recycling Hotline at 1-800-346-4242.
Best Buy no longer accepts TV's or Computer Monitors at their Pennsylvania locations. Chester County Residents may still schedule a TV pickup with Best buy for $99. (learn more at: Best Buy Recycling 2016).
You can take your old office technology (any brand, any condition, even if you purchased it somewhere else) to your local Staples store (learn more at staples.com/recycle).
Links to major electronics manufacturers' recycling programs:
Electronics RecyclingPennsylvania Requires Electronic Devices Be Separated from Trash
The Commonwealth of Pennsylvania's Covered Device Recycling Act of 2010 prohibits electronic devices from being taken to landfills beginning in January 2013. As a result, West Goshen Township's trash hauler, Republic Services, will no longer collect banned material beginning January 1st.
"Municipal waste trucks will no longer be collecting these devices for disposal at landfills," explains Tim O'Donnell, president of the Pennsylvania Waste Industries Association. "You won't be able to put old computers or TV sets or computer peripherals at the curb to be taken to the landfill or the incinerator, nor will they be permitted to be mixed in with regular household recycling.
According to the Pennsylvania Department of Environmental Protection, "Electronic equipment contains metals that, if not properly managed or contained, can become hazardous wastes." Dangerous metals in electronic components include cadmium, lead, and mercury. The typical cathode ray tube computer monitor contains four to seven pounds of lead. Televisions may contain even more lead.
Manufacturers of electronic devices sold in Pennsylvania must make collection programs available to Pennsylvania residents. Retailers may also offer collection programs, and are required by law to provide customers with information on how and where to recycle these devices. The law mandates that collection programs must be free of charge to Pennsylvania residents.
In addition, Chester County will continue to accept electronic components at select Household Hazardous Waste dropoffs. Check the West Goshen Township website's Hazardous Waste page in 2013 for County dropoff dates and locations. Additional information about Pennsylvania's Covered Device Recycling Act of 2010 is available at the state's Department of Environmental Protection website.