Xerox shares were lower Thursday on word that the company is being sued by its largest individual investor over its plan to split. Investor Darwin Deason filed a lawsuit claiming the division would violate a prior agreement reached with Xerox when it acquired the company he founded, Affiliated Computer Services, for $6.4 billion in 2010. Xerox announced in January that it would divide its copier and printer business from its business process outsourcing unit, which will become a new company called Conduent. As part of the division, Conduent would oversee Affiliated Computer Services, which Deason alleges would leave him with an investment in an “unattractive, low-growth” document technology business. Xerox expects the move to be complete by year’s end.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
