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XO Holdings, Inc.
ABBEY SPANIER FILES CLASS ACTION AGAINST XO HOLDINGS, INC. ON BEHALF OF SHAREHOLDERS OF SERIES A/XOHOW, SERIES B/XOHOZ AND SERIES C/XOHOL
Abbey Spanier filed a class action in New York State Supreme Court, New York County on June 2, 2010 against Carl Icahn ("Icahn"), the controlling shareholder of XO Holdings, Inc. (formerly known as XO Communications, Inc.) ("XO") and other members of the Company's Board of Directors. This action is brought on behalf of all XO stockholders and holders of Series A/XOHOW, Series B/XOHOZ and Series C/XOHOL warrants (except R2 Investments, LDC ("R2"), Defendants herein and any person, firm, trust, corporation or other entity related to or affiliated with any of the Defendants or R2) and their successors in interest, arising from the deliberate course of action charted by Icahn to force the Company to enter into a preferred rights offering with Icahn to the detriment of XO when there were multiple offers from third party suitors to purchase the Company. Plaintiff alleges that Icahn has used his control of XO in order to depress the value of the Company's stock and to deprive the Company's minority shareholders and warrant holders of the Company's true value permanently diluting their holdings, in order ultimately to obtain the entire Company for himself at the lowest price possible and avoid liability for wrongs committed against the Company. |
