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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses legal excerpts to frame the Board's actions as a 'sham' and a 'pretext' for entrenchment.",
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      "kind": "callout",
      "text": "Other investors filed a lawsuit claiming the Preferred Financing was done to “buy the vote”",
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      "text": "On May 12, 2021, a class action lawsuit was filed in Delaware Chancery Court against the Board by the Building Trades Pension Fund of Western Pennsylvania (the “Complaint”).",
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      "text": "The Complaint also alleged that the Company had no operational need for the capital and that the Board’s true intent in approving the financing and accompanying self-tender was to “buy the vote” ahead of an anticipated election contest in order to entrench itself and management.",
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      "text": "The Complaint alleged that the Board breached its fiduciary duties in approving the preferred equity financing and sought an injunction blocking enforcement of the voting provision with the preferred equity investors.",
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      "text": "Investors were concerned about the Board’s motives in approving the Preferred Financing.",
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      "text": "“The ‘strategic partnership,’ however, is a sham designed to lock up a significant portion of the vote in favor of the Board’s recommended slate of directors. Specifically, simultaneous with the announcement of the Investment Agreement, the Board announced plans to use the proceeds to launch a ‘Dutch Auction’ self-tender to purchase $500 million of common stock in the open market, indicating the Company had no operational need to raise capital.” — Building Trades Pension Fund of Western Pennsylvania (Complaint)",
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      "text": "Source: Class action lawsuit filed by the Building Trades Pension Fund of Western Pennsylvania dated May 12, 2021.",
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      "text": "Key Excerpts from the Complaint",
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      "text": "A Class Action Lawsuit Was Filed in Relation to the Voting Provision",
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