Your cousin Charlie came into a large inheritance last year and invested the entire amount in the common stock of IBD Inc., a large computer company. Subsequently he’s been very interested in the company and watches it closely. Recently the newspaper carried a story about major strategic changes at IBD, including massive layoffs and business realignments. Charlie was devastated. He doesn’t understand how the firm could have made such changes without the knowledge or approval of its stockholders. Write a brief letter to Charlie explaining how things really work.