HP Loses Bid For No Action Letter

HP asked the SEC staff to issue a no action letter on the company's intended refusal to include a shareholder proposal on its firm proxy.  The shareholder proposal recommends a bylaw that would enable a 3 percent shareholder for two years to submit names for election to the board of directors that the firm would include on the firm proxy.  The SEC declined to issue the letter.  If HP decides to follow through on its refusal, the proposing shareholders are likely to sue in federal court to contest the refusal.