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
CBS Radio Elevates Tracy Brandys To SVP/Market Manager & Director/Sales, Baltimore
WKST/Pittsburgh's Stuff A Bus Fills 57 Buses With Toys For Toys For Tots
Dan†Dalton†and Roc Nation Form Management Partnership
December 1, 2016
iHeartMedia Launches On-Demand Streaming Services
105.1 The Bounce/Detroit Announces On-Air Lineup
November 30, 2016
Alpha Media Names Ronnie Stanton VP/Programming
WNFZ/Knoxville Helping Fire Victims
November 29, 2016
Warner Music Group Names Ole Obermann Chief Digital Officer & EVP/Business Development
iHeartMedia Names Bob Neumann SVP/Programming For Savannah/Hilton Head
Nina L. Diaz Elevated To Head Of Unscripted For MTV & VH1
Broadcasters Foundation Of America To Honor Cox Media Groupís Bill Hoffman
November 28, 2016
Tony Martell, Founder of TJ Martell Foundation Passes Away at Age 90
Dayton Kane Appointed PD Of WOGB & WKRU/Green Bay
SportsRadio 94WIP, Phillies Extend Broadcast Rights Agreement
November 23, 2016
Pierre Robert Celebrates 35 Years at WMMR/Philadelphia
iHeartMedia Launches "Rewind 92.1" in Madison, WI
Kara Leigh to join The Tad & Melissa Show On Atlanta's B98.5
KDND-FM Morning Show To Collect Toys for Sierra Forever Families
November 22, 2016
iHeartMedia Names Derrick "DC" Cole SVP/Programming For Wilmington, DE
James Corden Named Host Of 59th Annual Grammy Awards
WROR/Boston Radio Veteran Wally Brine Is Set To Retire
November 21, 2016
Cumulus Media-New Orleans Promotes Knight To OM, Williams To APD At WRKN & WZRH
Cumulus Appoints Kevin Graham As PD for WBAP & KLIF/Dallas
Music News
Prince Documentary, Celebration on the Way in 2017
Quick Hits: Alessia Cara, Lady Gaga, Dead & Company
Quick Hits: J. Cole, Bon Jovi, Grouplove, Kid Cudi, ABC's Dick Clark's New Year's Rockin' Eve
Metallica Earn Sixth #1 Album on Billboard 200
Quick Hits: Taylor Swift, Rock On The Range, Kelly Clarkson
Quick Hits: Grammy Hall Of Fame, Soul Train Awards, Guns N' Roses
Justin Bieber and Drake Top 2016 American Music Awards
Quick Hits: Bruno Mars, Adele, The Weeknd, Chance The Rapper
Quick Hits: Kanye West, The Weeknd, Coldplay
Soul Singer Sharon Jones Dead at 60
Quick Hits: A Tribe Called Quest, Kanye West, Kesha
Quick Hits: Green Day, Justin Bieber, Bon Jovi
Bruno Mars Announces 24K Magic World Tour
Quick Hits: Adele, David Bowie, Rihanna, Lollapalooza, Dawes
Rock & Roll Legend Leon Russell Passes
FMQB NOW

Ross Mahoney, PD
KXTE, Las Vegas



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!