TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Cox Radio Inc (NYSE: CXR) Investor Securities Class Action Lawsuit 04/08/2009

  • If you purchased shares of Cox Radio Inc (NYSE: CXR), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Cox Radio, Inc.
Security
NYSE: CXR

Case Name
Cox Radio Shareholder Class Action Lawsuit 04/08/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Georgia

You must register or login to receive notifications.

Click here to subscribe to Cox Radio, Inc..
Summary

June 17, 2010 - The court administratively closed the case without prejudice to refiling due to length of time of awaiting the outcome of an appeal in another case in the Delaware Chancery Court.
January 20, 2010 - Lead plaintiffs and lead counsel were appointed.

June 26, 2009 - Lead plaintiff motion was filed.

April 15, 2009 - The investor filed an amended complaint.

April 8, 2009 - An investor in shares of Cox Radio Inc (NYSE: CXR) filed a lawsuit in the U.S. District Court for the Northern District of Georgia on behalf of all persons, who own the common stock of Cox Radio Inc before the announcement of the proposed acquisition against Cox Radio Inc, its board of directors, Cox Enterprises and Cox Media.

According to the complaint, on March 23, 2009, Cox Enterprises, Inc, the majority stockholder of Cox Radio Inc, through its unit Cox Media Group, Inc, announced that it would commence a cash tender offer of the outstanding publicly held minority interest in Cox Radio Inc for $3.80 per share in cash, or a total payment of approximately $69.1 million, including fees and expenses. The plaintiff alleges that Cox Enterprises seeks to acquire the remaining Cox Radio Inc publicly held shares on unfair terms and without regard to the best interests of Cox Radio Inc’s public shareholders or the intrinsic value of Cox Radio Inc’s stock. According to the complaint the tender offer leaves the public stockholders of Cox Radio Inc faced with an unfair coercive Tender Offer and without a fully informed voluntary choice whether to sell Cox Radio Inc or seek appraisal. The plaintiff alleges that the board of Cox Radio Inc caused to be filed with the U.S. Securities and Exchange Commission on April 3, 2009 a Recommendation Statements which misstates certain material facts and altogether omits others in order to coerce shareholders into tendering their shares. The complaint accuses that the tender offer serves no legitimate business purpose of Cox Radio Inc but rather is an attempt by the defendants to enable Cox Enterprises to benefit unfairly from the transaction at the expense of Cox Radio Inc’s public shareholders and Cox Enterprises has breached and will breach their duty as controlling stockholder of Cox Radio Inc by engaging in improper overreaching in attempting to carry out the tender offer.