Shareholders take issue with sale
The inevitable shareholder challenges to the Univision sale began Wednesday with the filing of two separate class-action suits claiming that the net’s board of directors got the best possible deal for themselves instead of the shareholders.
One suit, filed by powerhouse plaintiffs’ firm Lerach Coughlin Stoia Geller Rudman & Robbins, against Univision chairman A. Jerrold Perenchio and the other members of the board of directors alleges that they breached their fiduciary duty to shareholders by relying on nonpublic information to conclude the proposed sale of the network to a consortium headed by Haim Saban.
A second lawsuit also claims that the Univision board got the best deal for themselves and did not get the highest price for shareholders.
Both suits were filed in L.A. Superior Court.