Sprint Hit With Investor Suit Over $20B Softbank Deal

Law360, New York (November 14, 2012, 4:55 PM EST) -- A shareholder hit Sprint Nextel Corp. and its top brass with a putative investor class action Tuesday in Kansas federal court over the impending $20.1 billion tie-up with Softbank Corp., saying the deal is unfair and undervalues Sprint.

Named plaintiff Paul Gerbino brought the suit, alleging that Sprint executives breached their fiduciary duties by agreeing to the $20.1 billion deal, in which Japanese telecommunications giant Softbank will buy a 70 percent stake in Sprint.

Of the total purchase price, $12.1 billion will be spread among Sprint...
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