Lately when I’ve seen anything related to a lawsuit in technology news I’ve immediately thought of either Apple or Microsoft but mainly the first one. It is almost sad that they have came down to being known almost as much for that as they are for their products, but that is another story itself. Today new reports are claiming that a Motorola shareholder has actually filed a lawsuit against Motorola and Google both, or as I’ve been calling them — Googarola.
When we first heard the news that Google acquired Motorola I’m sure many thought about the possible legal issues they may face but I doubt many were expecting something of this sort. Apparently an investor and shareholder named John W. Keating has filed a lawsuit against both parties as he feels Google severely underpaid and that effects him as a shareholder.
Here is what Keating had to say:
The offered consideration does not compensate shareholders for the company’s intrinsic value and stand-alone alternatives going forward, nor does it compensate shareholders for the company’s value as a strategic asset for Google.”
We can clearly see the benefits of the acquisition and it will offer Google and OEM’s signification protection from further lawsuits so you can sort of see where Keating is coming from, even though initial reports suggested shareholders had agreed to the deal. Not to mention Google paid 63% OVER the share value at the time of closing.
From what I’m seeing the complaint has been filed on behalf of all Motorola Mobility shareholders, and Keating will be seeking class action status for the lawsuit in an attempt to get the deal completely stopped or denied. So far no comments have been made from either party but I’m sure we will be hearing more on this over the next few days. I guess I sort of expected someone to come forward and disagree with the deal, but not so fast.
[via ZDNet]
How much you wanna bet Mr Keating has an iphone in his pocket?
Pretty close Hawk1…. more likely, its up his arse…
Mr Keating should be grateful that Google paid over the odds based on the Motorola share price at the close of business last friday. His shares are now worth a hell of lot more than they were last week. Personally, I’m surprised that Google paid so much more than the existing stock price, but that was probably to ensure that Motorola “did the deal” and didn’t wait around for Microsoft to make an offer.
Mr Keating is a lucky man and should count his blessings!
shit
wah,, wah, wah, I want money from google!!!!!!!!