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US: Class action challenges AT&T, DirecTV deal

 |  June 1, 2014

A class action lawsuit filed Thursday is looking to upend AT&T’s proposed acquisition of DirecTV, according to reports.

DirecTV shareholder Teresa Silvestri has filed the lawsuit against the companies and their $48 billion deal on the grounds that the price tag is too low and does not reflect the financial potential of the tie-up. In a filing, Silvestri accused shareholders who voted in favor of the deal of breaching “their fiduciary duties of loyalty, good faith, due care and disclosure.”

Reports say the filing also claims the companies did not adequately address the concerns of shareholders in agreeing to the merger.

The class action was filed on behalf of DirecTV investors that Silvestri claims will face “irreparable injury” should the takeover go forward.

Full content: Yahoo News

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