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Textron Inc. Message Board

  • JsSvs JsSvs Jan 16, 2009 7:43 AM Flag

    Class Action Lawsuit

    “ A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.”

    Do any shareholders have a "relationship of trust and confidence" with the BOD and/or TXT Senior Management?
    I don't think so... (a fortune 500 company takes the share price from $75/share to $10 a share in 12 months!)

    Give whatever excuse you want for the decline, but the buck stops with the BOD and TXT Senior Management's duty to enhance and/or protect shareholder value.

    Based on the mismanagement of shareholder funds, while senior management continued / continues to profit, is not only unethical but also a breach of the fudiciary responsibility the BOD and senior management has to shareholders.

    I believe shareholders need to stand up and bring a class action lawsuit against TXT's BOD and Senior Management (SM) to:
    1. Recover all money the BOD & SM made in company provided stock options and bonuses since the stock price peaked. That money should be paid out to shareholders (with the exception of TXT's BOD & SM).
    2. Require the termination of the BOD & SM immediately and without any severance.
    3. Require major overhaul in executive compensation that makes it reasonable and ties it to the performance of the stock price.

    While I don't generally favor litigation, I think it is warranted in this case.

    Any attorneys out there willing to consider such action?

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