General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBrockton, Mass. retirement board sues Google over stock split plan
Brockton retirement board sues Google over stock split plan
BROCKTON
Brocktons retirement board is suing Web-search giant Google Inc., claiming the companys planned stock split would unfairly create nonvoting shares in the California-based company, Bloomberg News has reported.
The Brockton Retirement Board contends that Google officials failed to act in the best interests of shareholders in creating a new class of stock, the news service reported on Monday.
The reclassification effort is a thinly veiled attempt to entrench co-founders Larry Page and Sergey Brin as dominant shareholders of Google by creating a non-voting class of Google stock in order to preserve their voting power into perpetuity, the Brockton board said in a Delaware Chancery Court complaint made public Monday in Wilmington, Bloomberg reported.
Google now has Class A common shares, which have one vote each, and Class B shares, mostly held by the founders, Bloomberg reported. Under the reclassification, all shareholders will receive a dividend of new, non-voting Class C stock in what amounts to a 2-for-1 stock split, according to the complaint.
More:
http://www.enterprisenews.com/topstories/x515662790/Brockton-retirement-board-sues-Google-over-stock-split-plan
phasma ex machina
(2,328 posts)Ian David
(69,059 posts)phasma ex machina
(2,328 posts)RagAss
(13,832 posts)Hometown of Rocky Marciano and Marvin Hagler.