NextWave Investor Says AT&T's $600M Buyout Bid Falls Short

Law360, Wilmington (September 4, 2012, 9:54 PM EDT) -- A NextWave Wireless Inc. shareholder launched a putative class action Friday aimed at stopping AT&T Inc.'s planned $600 million takeover, claiming directors of the targeted telecom are selling its valuable assets on the cheap.

In a suit filed in Delaware court, shareholder Burt Weiss accuses NextWave's six-man board, including founder and Chairman Allen Salmasi, of breaching their fiduciary duty by negotiating a deal that slights shareholders in favor of other interests and fails to bring a fair price for the San Diego-based company.

“In negotiating the...
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