Xerox Corp. said Tuesday the allegations made in the lawsuit filed by shareholder Darwin Deason were “without merit,” and said it will “vigorously defend itself.” Deason said earlier that he was suing Xerox and its board member, and Fujifilm, in an effort to block the deal in which Fujifilm acquires a controlling stake in Xerox, alleging an “improper and fraudulently” concealed lockup agreement that Xerox entered into with Fujifilm 17 years ago that was never disclosed to shareholders. “It is unfortunate that Mr. Deason is seeking to interfere with Xerox shareholders’ right to decide and is relying on meritless legal claims,” Xerox stated in its response Tuesday. “Xerox has fully disclosed the joint venture agreements, and the company will respond to Mr. Deason’s legal claims through the appropriate legal channels in due course.” Xerox’s stock was down 1.7% in midday trade. It has gained 1.4% the past 12 months, while the S&P 500 has climbed 13.8%.
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