Foxx Development Holdings Approves Charter Amendment Amid Class Action Complaint

Foxx Development Holdings Inc. has initiated a process to amend its corporate charter in response to a pending class action lawsuit, according to a recent SEC Form 8-K filing. The complaint, filed on November 22, 2024, in Delaware Chancery Court by plaintiff Ximena Semensato, challenges the waiver of the corporate opportunity doctrine contained in the Company’s Amended and Restated Certificate of Incorporation.

The lawsuit seeks a declaration that the waiver provision is invalid, along with an injunction to prevent its enforcement by the Company and five individual defendants. Despite denying all allegations, Foxx Development’s board of directors determined that adopting a second amendment to Article X of its Charter is in the best interest of the Company and its stockholders. The change is expected to be submitted for a stockholder vote at the next annual meeting, with the board recommending its approval.

The Company has indicated that it will promptly notify the plaintiff of the board’s actions. In a coordinated move, the plaintiff is expected to file a notice of voluntary dismissal of the case as moot once approval is secured by the court.

The SEC filing was signed on behalf of Foxx Development Holdings Inc. by Chief Executive Officer Gregory Foley on February 21, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Foxx Development’s 8K filing here.

About Foxx Development

Foxx Development Holdings Inc is a consumer electronics and integrated Internet-of-Things solution company catering to both retail and institutional clients. The company currently sells a diverse range of products including mobile phones, tablets and other consumer electronics devices principally in United State and is in the process of developing and distributing end-to-end communication terminals and IoT solutions.