toggle

AAPL Stock: 109.79 ( -0.58 )

Printed from http://www.macnn.com

Two Detroit funds sue Yahoo, want court intervention

updated 06:00 pm EST, Fri February 22, 2008

Yahoo sued, court action

Two Detroit-based pension funds sued Yahoo and its board today, the latest event in the escalating Microsoft-Yahoo buyout drama. Yahoo - who shocked investors by rejecting a $44.6 billion bid from Microsoft - frustrated the Detroit Police and Fire Retirement System, and General Retirement System organizations to the point where they are threatening litigation, because it is holding out on Microsoft's astounding offer, according to Reuters.

Shareholder litigation firm Bernstein Litowitz Berger & Grossman filed the proposed class-action suit. In anticipation of Yahoo's potential deals with AOL or News Corp, or implementation of fiscal defensive measures, the plaintiffs asked a Delaware Chancery Court to block the Yahoo board from making these decisions, and to force them to reconsider Microsoft's offer.

Lawsuits against Yahoo have grown over the weeks after the company's rejection of the bid, which investors blame on CEO Jerry Yang's personal view of Microsoft. Yang defends his decision, citing that Yahoo's half-million-strong user base and complex advertising network were undervalued in the deal.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

  1. legacyb4

    Joined: Dec 1969

    0

    half a million users???

    isn't that kind of low???

  1. chas_m

    Joined:

    0

    Ha Ha!

    Hey Yang, this is what you get for taking your company public -- greed-driven shareholders who want to cash out and don't give a DAMN that MS buying Yahoo would destroy Yahoo.

    It's your bed, now lie in it.

  1. pt123

    Joined: Dec 1969

    0

    fund

    You kinda have to wonder about that fund. If it was a good fund, it would have bought Google instead of Yahoo.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...

MSI Geforce GTX 970 100ME

When Nvidia announced a new line of video cards in September 2014, many people thought things would continue to be business as usual i ...

toggle

Most Commented