Investor Charles Knowles institutes lawsuit against Advanced Photonix relating to Proxy Vote 6

 

I have heard rumors of a lawsuit, but was unable to locate it online, until today.  I haven't seen a copy but it  is my understanding that private investor Charles Knowles is seeking a ruling from the Delaware Courts,  regarding Proxy Proposal 6 to have the Court declare that it passed by a large majority vote
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Proxy Access By-law Proposal: A stockholder proposal requesting that the Board amend the Company's By-laws to allow stockholders to nominate director candidates for inclusion in the Company's proxy materials.This was a very simple and straightforward request to allow stockholders owning more than 1% of the company stock to annually nominate a candidate for inclusion on the Board of Directors. The votes cast were overwhelmingly in favor of approving request #6, as 8,431,558 more votes were in support of approving the right of shareholders to make such nominations, than were opposed to it's approval. The votes cast were:For 11,970,378, Against 3,538,820 Abstain 371,529, Broker Non-Votes 12,281,996

The Board of Directors under the Bylaws, has taken the position that "The stockholders rejected (proposal #6)".

This "Alice in Wonderland",  position is hard to understand. Who owns API except the shareholders? Who is the Board looking out for, other than themselves?
GREAT JOB Mr. Knowles, I support you 110%, and I know the shareholders who voted in favor of Proxy Vote 6 support you, (which if you consider the totals, is virtually everyone other than the current Board. ) I even understand, Rob Risser and Steve Williamson voted in favor of Proxy Vote 6.
More later!
(I can't link the Delaware court look-up to this specific page, but you can look it up, by agreeing to the terms of use).
Report Selection Criteria

	Case ID:	9064
	Docket Start Date:
	Docket Ending Date:

Case Description

	Case ID:	9064 - KNOWLES v. ADVANCED PHOTONIX, INC.
	Filing Date:	Wednesday, November 06th, 2013
	Type:	2A - CIVIL ACTIONS
	Status:	ACTIVE - ACTIVE

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Case Parties

Seq #	Assoc	Expn Date	Type	Name
1	3		PLAINTIFF	KNOWLES JR., CHARLES M.
Address:	unavailable		Aliases:	none