Shareholders sue ChoicePoint

[lanlady]

Shareholders are suing ChoicePoint Inc. and its top executives after the company's share price fell sharply following news that identity thieves had gained access to personal information about some U.S. residents that was held by the personal data vendor.

A class-action lawsuit has been filed in U.S. District Court for the Central District of California on behalf of those who bought ChoicePoint shares between April 22, 2004, and March 3, 2005, Radnor, Pa.-based law firm Schiffrin & Barroway LLP said in a statement Friday.

The suit charges Alpharetta, Ga.-based ChoicePoint and three top executives with keeping key information from the public in an effort to artificially inflate the price of the company's stock.

more...
http://www.computerworld.com/governmenttopics/government/legalissues/story/0,10801,100239,00.html

[BrklynLiberal]

1. This may be the only way to get at these corporations!!

Becoming shareholders in the corporations that are abusing the public is the course of last resort to undermine their chokehold on the public.

[Trillo]

3. I can conceive of no reason that shareholders would

give citizens any rights to own their own information! Shareholders would mostly be concerned with illegal and unethical behavior of the CEO and directors and employees.

Most individual shareholders own through another corporation (pension plan, mutual fund, etc.) who has denied the individuals voting rights or any control over that ownership, that corporations only duty to the individuals is fiduciary.

[Alpharetta]

2. Kind of hard to claim damages when really the shares have held strong