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Emmis "merger" prompts another lawsuit

July 26, 2010 by Veronica Villafañe

Shareholders and some officers and directors of Emmis Communications have begun a class action suit against the company over its proposed merger. In May of this year, Emmis signed a deal to go private, but according to Radio Ink, the law firm filing the suit alleges the merger is “the product of an unfair sales process” because it would buy the stock at “an unfair price” of $2.40 per share for common stock. It also contends that Emmis filed a “materially false and misleading” preliminary proxy statement to shareholders in May.

Preferred shareholders have enough stock to block the deal. Other lawsuits over the merger are already in progress in Indiana.

 

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Filed Under: TV & Radio

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Currently a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

Hispanic media and entertainment contributor to Forbes.

Full bio here

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