HSN lawsuits allege fiscal improprieties

Home Shopping Network has been hit with three class-action shareholder lawsuits charging that the TV retailer failed to disclose financial improprieties.

All three suits filed Wednesday in U.S. District Court in Tampa claim HSN did not reveal allegations that its executives profited at the expense of earnings through improperrelationships with vendors.

Those accusations — made in a spate of recent civil lawsuits involving former Home Shopping executives — led its parent, Liberty Media, to nix a deal to buy the rest of the network’s stock.

One lawsuit charges four Home Shopping board members and executive sold stock when other investors were buying because they were privy to adverse information not known to the public.

Liberty cited Home Shopping’s mounting legal problems, including a federal grand jury investigation and private lawsuits alleging improprieties between Home Shopping and its vendors and affiliate companies as its reasons for backing out if its shares acqusitions deal.

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