SAN JOSE (CN) – In the third federal class-action derivative lawsuit, shareholders say the entrenched directors of Yahoo! failed to properly consider Microsoft’s $45 billion buyout offer, so they can continue to enrich themselves at shareholders’ expense. The plaintiffs say Yahoo should accept the offer.
These plaintiffs, represented by Coughlin Stoia Geller of San Diego, want CEO Jerry Yang and the Yahoo! board to accept Microsoft’s offer. They say the fat cat board has let share price languish while they lap the financial cream from the company that Yang founded in 1994.