Levi & Korsinsky announces the commencement of a securities lawsuit in Delaware Chancery Court on behalf of shareholders of IAC/InterActiveCorp. (NASDAQ: IAC). The complaint alleges that IAC’s controlling shareholder, Barry Diller, schemed to create a new non-voting class of stock for the purpose of maintaining the Diller family’s voting control. Diller and his family own less than 8% of IAC’s outstanding stock, yet wield 44% of the Company’s voting power through supervoting Class B shares.
In particular, the Complaint alleges that the Defendants breached their fiduciary duties by: (i) agreeing to the Proposed Reclassification, at the expense of minority stockholders, to unfairly perpetuate Diller and his future heirs’ control of IAC and entrench themselves in office; and (ii) failing to disclose the true motivation behind the Proposed Reclassifications.
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