Another Shareholder Suit Challenges Emmis Buyout
June 30, 2010 at 4:24 AM (PT)
Add a third shareholder lawsuit to the list of challenges to JEFF SMULYAN's attempt to buy out EMMIS COMMUNICATIONS shares and take the company private. The INDIANAPOLIS STAR reports that the latest suit was filed by TED PRIMICH in U.S. District Court in INDIANAPOLIS and seeks to be a class action.
The three suits, including two filed in MARION COUNTY, IN court, charge SMULYAN and the EMMIS board are breaching their fiduciary duty to shareholders by selling the stock to SMULYAN's JS ACQUISITION, backed by ALDEN GLOBAL CAPITAL LTD., at an artificially low price.