UPDATE: Carl Icahn Commences Litigation Against Dell, Co. Directors

Carl C. Icahn and his affiliates today filed a complaint against Dell Inc. DELL and the members of its Board of Directors in the Court of Chancery of the State of Delaware. In the Court of Chancery, Icahn is seeking, among other things: (i) to prevent the company from setting a new record date for the Special Meeting, (ii) to require that if the company nonetheless is permitted to set a new record date for the Special Meeting, that the Special Meeting and the Annual Meeting be held on the same date and time, and with the same record date, (iii) to enjoin Michael Dell and his affiliates from voting any Dell shares acquired since February 5, 2013, (iv) to obtain a declaration that the Dell Board breached its fiduciary duties to the stockholders by, among other things, adjourning the Special Meeting on July 24 without also scheduling the Annual Meeting at the same time, (v) to enjoin the company from changing the stockholder voting requirements in the Merger Agreement, and (vi) damages from Dell and its directors for any losses caused by Dell and its Board.