|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Microsoft Withdrawal Gives Yahoo Plaintiffs Ammo
Marc Tracy
Securities Law 360. May 6, 2008
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EXCERPT: The lead plaintiffs in the chief lawsuit to compel Yahoo Inc. to accept a takeover by Microsoft Corp. will amend their complaint to reflect Microsoft's decision Saturday to scuttle the deal after Yahoo rejected Microsoft's sweetened offer of nearly $50 billion. The two Detroit pension funds that brought the consolidated proposed Yahoo shareholder class action will file an amended complaint shortly in the Delaware Court of Chancery, co-lead counsel Bernstein Litowitz Berger & Grossmann LLP announced Monday. The suit, which was first filed in February and has already seen some discovery, accuses Sunnyvale, Calif.-based Yahoo and its board of directors of breaching their fiduciary duties. |
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