Business Services Industry
Shareholder Sues Directors of Washington-Based Online Content Firm Infospace.
Knight Ridder/Tribune Business News, April, 2001
By Sharon Pian Chan, The Seattle Times Knight Ridder/Tribune Business News
Apr. 4--A shareholder has filed a derivative lawsuit for $2 billion in damages against current and former directors at Infospace, alleging illegal insider trading and mismanagement at the Internet content and software company in Bellevue.
In the unusual suit, shareholder Nancy Dabney Youtz of Seattle is represented by her husband's law firm, Sirianni & Youtz. She purchased 600 shares of Infospace on April 5, 2000, when its stock was trading at $52.56. Shares closed at $1.72 yesterday.
In a shareholder derivative suit, a shareholder sues the management on behalf of the collective shareholders and company. If the lawsuit is successful, the managers would pay damages to...
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