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The company was always directed by Dr. Wang, who played a personal role in setting business strategy and product strategy; he also took steps to ensure that the Wang family would retain control of the company even after going public. He created a second class of stock, class B, with higher dividends, but only one-tenth the voting power of class C. The public mostly bought class B shares; the Wang family retained most of the class C shares. (The letters B and C were used to ensure that brokerages would fill any Wang stock orders with class B shares unless class C was specifically requested). Wang stock had been listed in the New York Stock Exchange, but this maneuver was not quite acceptable under NYSE's rules, and Wang was forced to delist with NYSE and relist on the more liberal American Stock Exchange. Under his direction, the company went through several distinct transitions between different product lines. Wang Laboratories filed for bankruptcy protection in August 1992. After emerging from bankruptcy, the company eventually changed its name to Wang Global. In 1999, Wang Global was acquired by Getronics of The Netherlands. |
