Radio Industry News Sample

Apr 29, 2002 21:29:54

AMFM OPERATING: Labels "Without Merit" Suit Over Capstar Merger in DE

Frederick, Maryland (Sunstream News) -- AMFM Operating, Inc. faces a securities class action pending in the Delaware Court of Chancery on behalf of all persons, other than defendants, who own Company securities. The suit names as defendants the Company and:

(1) Hicks, Muse, Tate & Furst Incorporated, 

(2) Thomas O. Hicks, 

(3) Jeffrey A. Marcus,

(4) James E. de Castro, 

(5) Eric C. Neuman, 

(6) Lawrence D. Stuart, Jr., 

(7) Steven Dinetz,

(8) Thomas J. Hodson, 

(9) Perry Lewis, 

(10) John H. Massey and 

(11) Vernon E. Jordan, Jr. 

The suit alleges breach of fiduciary duties, gross mismanagement, gross negligence or recklessness, and other matters relating to the defendants’ actions in connection with the Capstar Broadcasting Corporation merger. The suit seeks to enjoin consummation of the Capstar Broadcasting Corporation merger, order defendants to account to plaintiff and other alleged class members for damages, and award attorneys’ fees and other costs. 

The Company believes that the lawsuit is without merit and intends to vigorously defend the action.

Source: Class Action Reporter

Publication Date: 2002-04-30

 

NWS:	LAW

IND:	RAD

GEO:	n-us-de

 

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