NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired common shares of IAC/InterActive Corp. (NASDAQ:IAC).
You are hereby notified that a securities action has been commenced in the Delaware Chancery Court. If you purchased or otherwise acquired IAC/Interactive Corp. securities, your rights may be affected by this action. To get more information, GO TO:
http://www.zlk.com/pslra/iacinteractivecorp
Or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that IAC’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. Diller and his family own less than 8% of IAC’s outstanding stock, yet wield 44% of the Company’s voting power through supervoting Class B shares.
In particular, the Complaint alleges that the Defendants breached their fiduciary duties by: (i) agreeing to the Proposed Reclassification, at the expense of minority stockholders, to unfairly perpetuate Diller and his future heirs' control of IAC and entrench themselves in office; and (ii) failing to disclose the true motivation behind the Proposed Reclassifications.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
