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First Class Actions Test Sale Of Bear Stearns

MANHATTAN (CN) - To no one's surprise, two class-action lawsuits filed Monday accuse Bear Stearns directors of having their way with shareholders, selling the company to JP Morgan Chase & Co. for $2 a share, or $236 million, while shares sold at $30 on Friday, a $3.5 billion market cap. The two lawsuits, both filed by lead counsel Saraff Gentile, say the sale price is inadequate.

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