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Dow Jones Shareholders

New York, NY: (Oct-18-07) An investor lawsuit was brought against Dow Jones & Co. Inc., alleging that the company's directors failed to properly evaluate News Corp.'s takeover bid. Records show that earlier in 2007, News Corp. sealed a $5.6 billion deal to buy Dow Jones, the publisher of The Wall Street Journal. The suit further stated that Dow's September filing about the merger did not disclose management's projections and forecasts for the company. The plaintiffs argued those forecasts would signal management's true opinion of the value of the company. The suit was originally filed in May as two separate shareholder suits by Carol Cresh and Nora Vides, but the suits were consolidated in New York State Supreme Court in July, according to the filing.

As part of a settlement reached, the company stated in a Securities and Exchange Commission that it has agreed to pay $895,000 to cover legal costs for the plaintiffs in the case. Further, it will make additional disclosures in the filing about the company's internal forecasts. [REUTERS: DOW JONES SHAREHOLDERS]


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Published on Oct-20-07


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