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
FCC Fines Drawing Scrutiny In Congress
In Brief - November 24, 2015
November 23, 2015
Bill Hess Named OM At Cumulus-Washington, D.C.
In Brief - November 23, 2015
November 20, 2015
Adams Radio Group Of Delmarva Names Jay Gleason Operations Manager
iHeartRadio Presents Adele¹s Album Premiere Live from Joe¹s Pub 
Radio Mercury Awards Announces Advisory Council
November 19, 2015
Westwood One: The State of American Podcasting
Nielsen: Connecting With Political Millennials Through Music
Jacobs Media Webinar: 10 Mega Trends That Impact Radio
November 18, 2015
Republic Records Promotes Ben Adelson To SVP/A&R
Y100’s TC Wins Dancing with the Savannah Stars
Greater Media's Magic 106.7 To Become Boston's Christmas Station
November 17, 2015
Alissa Pollack To Be Honored At T.J. Martell Foundation’s 16th Annual New York Family Day
Cash Money Records Announces Annual Turkey Giveaways in Miami & New Orleans
Amanda "AJ" Malone Joins iHeartMedia/Indianapolis
Jacobs Media Blogs Radio’s Days as a Primary Traffic Source May Be Numbered
November 16, 2015
Pandora to Acquire Key Assets from Rdio
Apple To Close Beats Music
Entercom Adds Ashley O. To Mornings On WSFS/Miami
In Brief - November 16, 2015
November 13, 2015
Pierre Bouvard: "Pandora’s CFO Is Wrong, Radio Listening Remains Remarkably Stable"
Music News
Adele's 25 Smashes Sales Record
Quick Hits: Charlie Puth, Coldplay, Jack Ü
Bieber, One Direction Lead Billboard 200 Shakeup
One Direction, The Weeknd Win Multiple AMAs
Rihanna Announces Anti World Tour, Teases New Album
Foo Fighters Release Free EP
Quick Hits: Coldplay, U2, The Cure, Wilco
Chris Martin Talks Influences On New Coldplay Record
Quick Hits: Foo Fighters, Justin Bieber & One Direction, American Music Awards, Paris attacks, Tori Kelly
Adele's 25 Won't Be On Streaming Services
Quick Hits: Kelly Clarkson, Missy Elliott, Jimmy Eat World, Freddie Mercury, Bonnaroo
Zayn Malik Opens Up About One Direction Exit
Quick Hits: Firefly Music Festival, Eagles of Death Metal, Grammy Hall of Fame
Adele Unleashes Video For "When We Were Young"
Quick Hits: Tom Petty, Bruce Springsteen, Tool, Hangout Music Festival, Oasis

Manny Simon
VP/Adult Formats,
Republic Records

FMQB Member Login

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