Napster Undervalued, Says Three Shareholders
June 30, 2008 at 8:05 AM (PT)
Three shareholders in the beleaguered NAPSTER music service say company hasn't done enough to compete with APPLE, and that it has been content to wait for the courts or Congress to do something about online music piracy, reports WIRED.COM.
The disgruntled shareholders, PERRY ROD, THOMAS SAILORS and KAVAN SINGH, say that WALL STREET currently undervalues NAPSTER, citing CBS's purchase of LAST.FM for $280 million and VIACOM's acquisition of 49 percent of RHAPSODY's U.S. business. They want to switch up the management team because "the company would benefit from a fresh perspective," according to an SEC filing cited by REUTERS.