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Shareholder Sues Verizon Communications Inc Over Vodafone Deal-Reuters

Saturday, 7 Sep 2013 02:27pm EDT 

Reuters reported that Verizon Communications Inc has been sued by a shareholder seeking to void its buyout of Vodafone Group Plc's stake in the companies' wireless joint venture on the grounds the price is too high. In a lawsuit filed in a New York state court, just three days after the transaction was announced, Natalie Gordon said Verizon shareholders are being 'shortchanged' by the purchase of Vodafone's 45% stake in Verizon Wireless. The lawsuit seeks class-action status, and also names Verizon Chief Executive Lowell McAdam and 12 directors as defendants, accusing them of breaching their fiduciary duties.