C. McD, lawyers usually cook up so-called "shareholder" class action suits.......
If you have ever been a shareholder in one of these affairs, you will know that the only "class" to benefit from any settlement or judgment are those lawyers, via fee requests and bloated expense accounts the judges rubber-stamp in less time than it takes to tell the tale. Here, there is a lawsuit outstanding by the former CEO of TSQD, but I doubt he would be stupid enough to allow the "class action" parasites to co-opt his claim. So, it's probably a typical attack, with one of the usual law firms getting some cluck to front for their customary smash-and-grab routine.
However, as one who found the proposed deal much too rich for DRIV from the outset (see posts over on TSQD, I think), I will be interested to understand their theory for recovery, i.e. what alleged damage has been occasioned the shareholders of TSQD by the defendants. I doubt it will be anything worth discussing seriously, and the whole thing will likely fail for want of a timely injunction. But.....we will know in a short time.
(BTW, shareholders of TSQD would prefer a LOWER ratio than my 6.2, i.e. fewer TSQD shares to be tendered for each DRIV share received. I had originally hoped for 5.5, or so, before I heard about the 350,000 share discount and then the famous "trust" arrangement. Silly me. )
David |
