Elliott Investment Management filed a lawsuit in the Court of Chancery of the State of Delaware against Phillips 66 and its Board of Directors. The activist investor seeks a court order that would require four board seats to be up for election at Phillips 66's 2025 Annual Meeting of Shareholders.
Elliott's complaint argues that Phillips 66 had not provided sufficient information regarding the number of seats available for election and was violating its rights as a shareholder. This legal action intensifies the ongoing proxy battle between the two entities.
This lawsuit follows Elliott's earlier nomination of seven directors to Phillips 66's board, as part of its push for operational changes and a potential restructuring of the company's midstream business. The legal challenge aims to ensure a more significant board refresh at the upcoming shareholder meeting.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.