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Iomega Corp. Case 05/08/2008

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Lawsuit Overview

Company
Security

Case Name
Iomega Corp. Case 05/08/2008
Type of Lawsuit
Shareholder Class Action
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Summary

<p>A shareholder has filed a purposed class action in California against Iomega Corp. and EMc Corp. over EMC Corp.’s proposed acquisition of the company. EMC Corp., which makes data storage and management software, offered on April 24th to buy IomegaCorp., which makes data storage devices, at $3.85 per share. The merger must be approved by the American and European antitrust authorities. The shareholder alleges that Iomega directors breached their fiduciary duties to shareholders in connection with EMC’s offer to purchase Iomega.</p>