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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 Electronista Staff
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  1. legacyb4

    Mac Elite

    Joined: May 2001

    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

    Fresh-Faced Recruit

    Joined: Sep 2007

    0

    fund

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

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