Shareholders Oppose Lockheed Plan: Four Lockheed Corp....

Shareholders Oppose Lockheed Plan: Four Lockheed Corp. shareholders filed suit over a plan to give employees 17% of its common stock, claiming it may prevent them from getting top dollar for their shares. The class-action complaint, filed in Delaware Chancery Court, accuses the Calabasas-based aerospace company and its board of breach of fiduciary duty. Lockheed executives acted for their own benefit “rather than acting to maximize the value of Lockheed’s common stock to the benefit of stockholders,” the suit claims. “We have seen a copy of the suit. We consider it totally without merit and we’ll vigorously defend against it,” said Robert Slayman, a Lockheed spokesman.