A class-action lawsuit has been filed objecting to the proposed merger of DirecTV and AT&T, less than two weeks after the companies announced the deal. Deadline.com reports that the suit was filed Thursday by a shareholder.
The lawsuit, filed in Los Angeles Superior Court, claims the purchase price for DirecTV is too low considering its potential, the story notes.
“DirecTV’s recent financial performance is indicative of a company on the rise with growth potential yet to be recognized,” the suit claims.
The lawsuit also alleges DirecTV’s board members “breached their fiduciary duties of loyalty, good faith, due care and disclosure by … agreeing to sell DirecTV without first taking steps to ensure that Plaintiff and Class members would obtain adequate, fair and maximum consideration under the circumstances and engineering the Proposed Acquisition to benefit themselves and/or AT&T without regard for DirecTV public shareholders. Absent judicial intervention, the merger will be consummated, resulting in irreparable injury to Plaintiff and the Class.”