Shareholders Countersue Over Emmis Stock Plan
April 18, 2012

Five shareholders have filed a lawsuit over Emmis Communications' complex stock plans. According to the Indianapolis Star, the dissident shareholders countersued the company in a 56-page lawsuit, alleging violations of federal securities and state corporate laws. It also claims Emmis is in the midst of a "brazen scheme" to remove the rights of its own preferred shareholders and not pay out $10 million in owed dividends.

According to the paper, the suit also claims that Emmis has created "illegal 'zombie shares' that are retired yet retain their voting rights" and "pressured preferred shareholders with 'manipulative acts,'" as well as setting up a "sham" stock trust to help Emmis gain a larger share of preferred shares to control voting rights.

In a statement released yesterday, Emmis called the allegations in the lawsuit "scurrilous and completely without merit. We intend to vigorously defend our actions and protect the interests of the hundreds of Emmis shareholders from the unreasonable and irrational demands of the few."

Last month, Emmis sued the same five shareholders, seeking a court ruling to declare its stock plan legally valid.




 
Breaking News
Hubbard Radio Ups Jeremy Sinon To Corporate Digital Director
The Week In Review: 5/18-5/22
KSZR/Tucson Becomes Classic Hip Hop, 97.5 The Vibe
In Brief - May 22, 2015
May 21, 2015
President Obama To Renominate Jessica Rosenworcel As FCC Commissioner
Herndon Hasty Joins Cumulus Kansas City As VP/Sales
In Brief - May 21, 2015
May 20, 2015
Bruce Lundvall, Longtime Blue Note President, Dies At 79
Zach Mullins Named Digital Sales Manager For Cox Media Group/Atlanta
Quality Control Music Signs Joint Venture With Capitol Music Group/Motown Records
Spotify Adds Video Content, Podcasts
In Brief - May 20, 2015
May 19, 2015
iHeartCommunications To Pay $1M For Misusing EAS Tones During The Bobby Bones Show
Nielsen Study: Radio Delivers Decision-Makers For American Family Insurance
Triton To Represent XAPP Ad Inventory For jācapps Broadcasters
Pandora To Acquire Next Big Sound
Deezer Expands Content With News, Entertainment and Sports Podcasts
Republic/Island Execs & Artists at the BMA’s
In Brief - May 19, 2015
May 18, 2015
Alpha Media To Purchase Morris Communications Radio Stations
"Party Ben" Gill Joins Pandora
Spanish Broadcasting System First Quarter 2015 Results
Communion Records US Signs Broad Agreement With Capitol Music Group
BMG Acquires US Rock Label Rise Records
In Brief - May 18, 2015
May 15, 2015
Music News
Adam Lambert Unveils Two New Tracks
Academy Award-Nominated Actress Hailee Steinfeld Inks Record Deal With Republic Records
The Week In Review: 5/18-5/22
Quick Hits: Taylor Swift, Eminem, Enrique Iglesias, Slayer
Quick Hits: Taylor Swift, Madonna, Little Mix, Roger Waters
Pitch Perfect 2 Comes In At #1
Quick Hits: Foo Fighters, The Rolling Stones, Kanye West, Five Finger Death Punch, Amy Winehouse, Riot Fest
FMQB Photo Pass: MMRBQ 2015
Quick Hits: Sam Smith, B.B. King, Life Is Beautiful festival, Bullet For My Valentine
Taylor Swift Cleans Up at Billboard Music Awards
Chris Brown, Nicki Minaj Lead 2015 BET Awards Nominees
Quick Hits: Taylor Swift, Bob Dylan, Janet Jackson, Nick Jonas, Chinx
Blues Legend B.B. King Passes Away
The Week In Review: 5/11-5/15
FMQB Photo Pass: Radio 104.5 Birthday Show
FMQB NOW

Question Of
The Week

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!