$16B Virgin Media Sale Fleeces Investors, Suit Says

Law360, Los Angeles (February 13, 2013, 5:58 PM EST) -- A Virgin Media Inc. shareholder launched a putative class action in New York state court Tuesday challenging the British cable provider’s $16 billion sale to Colorado cable company Liberty Global Inc., claiming the two companies undervalued Virgin in the deal.

Plaintiff Jeff Grimsley alleges Virgin Media CEO Neil Berkett and the company’s board of directors violated their fiduciary duties to shareholders by pursuing an unfair sales process meant to discourage other potential buyers. The suit also claims Liberty Global and its subsidiaries helped Virgin breach those...
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