Sun shareholders file lawsuits over Oracle buy
- 11 May, 2009 22:00
Sun Microsystems shareholders filed three separate lawsuits last month in an effort to halt the company's pending sale to Oracle, according to a filing Sun made with the US Securities and Exchange Commission on Friday. The suits, filed in Santa Clara County, California, superior court, name Sun, some of its officials and Oracle as defendants, according to the filing. All three actions are aimed at blocking the US$7.4 billion sale, alleging the price tag is "unfair and inadequate". They also allege "claims for breach of fiduciary duty against the individual defendants and for aiding and abetting a breach of fiduciary duty against the corporate defendants," the filing states. The defendants have yet to file answers to the complaints, according to Sun. Oracle announced its plans to buy Sun in April, after reported talks between IBM and Sun fizzled. An Oracle spokeswoman declined to comment on the suits, but provided a statement saying that Sun had disclosed its potential violations of the FCPA prior to the acquisition agreement. More information about the lawsuits is available at various websites, including pr-inside.