An investor in NASDAQ:VIAB shares filed a lawsuit against certain directors at Viacom, Inc. over alleged breaches of fiduciary duties.
Investors who purchased shares of Viacom, Inc. (NASDAQ:VIAB) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that Viacom, Inc is controlled by 93-year old Sumner M. Redstone, who owns approximately 80% of Viacom’s voting Class A common stock through his holding company National Amusements, Inc., but only 10% of Viacom’s equity. The plaintiff claims that the board of directors of Viacom, Inc. has failed to protect the company or the holders of its non-voting Class B common stock from the chaos that would ensue at Viacom when Sumner Redstone inevitable became incapacitated or passed away. The plaintiff claims, among other things, that certain directors have routinely re-nominated Sumner Redstone to serve on the board of directors of Viacom, Inc each year, despite the fact that he has not attended a board meeting in person since 2014, and at that time “dozed and drooled” through such meetings, and that until recently the same defendants have also continued to approve substantial compensation payments to Sumner Redstone even though he was not actually performing any services for Viacom, Inc. The plaintiff says that in essence, the board of directors continued to appease the declining Sumner Redstone or whomever was controlling him at the moment in order to maintain their lucrative positions as directors of the company.
On July 5, 2015, NASDAQ:VIAB shares closed at $41.07 per share.
Those who purchased NASDAQ:VIAB shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com