A lawsuit was filed on behalf of investors in IAC/InterActiveCorp (NASDAQ:IAC) shares and NASDAQ:IAC investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/07/2016 -- An investor, who purchased shares of IAC/InterActiveCorp (NASDAQ:IAC), filed a lawsuit in Delaware Chancery Court over alleged breaches of fiduciary duties.
Investors who purchased shares of IAC/InterActiveCorp (NASDAQ:IAC) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that IAC/InterActiveCorp's controlling shareholder, Barry Diller, schemed to create a new non-voting class of stock for the purpose of maintaining the Diller family's voting control.
The plaintiff says that Barry Diller and his family own less than 8% of IAC/InterActiveCorp's outstanding stock, yet wield 44% of the Company's voting power through supervoting Class B shares.
In particular, the plaintiff alleges that the Defendants breached their fiduciary duties by agreeing to the Proposed Reclassification, at the expense of minority stockholders, to unfairly perpetuate Diller and his future heirs' control of IAC/InterActiveCorp and entrench themselves in office and by failing to disclose the true motivation behind the Proposed Reclassifications.
Shares of IAC/InterActiveCorp (NASDAQ:IAC) closed on December 6, 2016 at $66.89 per share.
Those who purchased shares of IAC/InterActiveCorp have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego