Univision’s Buyout Deal Draws Shareholder Suits
Univision Communications Inc. shareholders filed lawsuits in Los Angeles Superior Court this week, alleging that the company and board members breached their fiduciary duty when they agreed Monday to sell the company to private investors for $36.25 a share.
A suit filed Tuesday by law firm Wolf Haldenstein Adler Freeman & Herz of San Diego contends Univision failed to solicit higher bids and prematurely closed its auction.
A suit filed Wednesday by San Diego-based Lerach Coughlin Stoia Geller Rudman & Robbins claimed board members fashioned deal terms to benefit insiders, not rank-and-file shareholders. Both suits seek class action status.
A Univision spokeswoman couldn’t be reached for comment.
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