A motion in a shareholder suit against News Corp. and media mogul Rupert Murdoch and other officers over alleged corporate governance failures tied to the cell phone hacking scandal in Great Britain that led to indictments and a newspaper shutdown.
News Corp.’s motion to dismiss the case will be argued on Sept. 19th at the Delaware Court of Chancery, Kent County Courthouse in Dover. Shareholders of News Corp. have been restless for many years, thanks to Murdoch’s deal-making and investments in newspapers.
Arguments will be made before Vice Chancellor John W. Noble. Grant & Eisenhofer Managing director Jay Eisenhofer will be arguing for the case to go forward, on behalf of lead plaintiffs Amalgamated Bank, Central Laborers Pension Fund and New Orleans Employees’ Retirement System. Co-counsel for the lead plaintiffs is firm Bernstein Litowitz Berger & Grossmann. Grant and Eisenhofer has an office in Wilmington.
The suit alleges that Murdoch and other board members’ exposed News Corp. to billions in losses that could have otherwise been avoided. I
In an amended complaint filed after the hacking story broke last July, plaintiffs further contended that the board’s failure to investigate, control and limit the fallout from the scandal have had a significant negative impact on News Corp’s valuation
