On2 Shareholders Sue To Halt Google Acquisition

Law360, New York (August 13, 2009, 6:51 PM EDT) -- On2 Technologies Inc. shareholders have sued the video compression technology company, its board of directors and Google Inc. over their alleged failure to conduct an open and fair auction process during Google's recent acquisition of On2 for $106.5 million.

Jack Miller and Pual Uy filed the class action complaint Monday in the Delaware Court of Chancery on behalf of On2 shareholders, alleging On2 entered into the deal with Google and Oxide Inc. through “an unfair process and for an unfair price.”

The plaintiffs claim that On2...
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