Shareholder Cries Foul Over Softbank-Sprint Merger

Law360, Los Angeles (December 13, 2012, 7:28 PM EST) -- Clearwire Corp. was sued in Delaware Chancery Court on Wednesday by a minority shareholder who accused the technology company and its majority shareholder Sprint Nextel Corp., of devaluing Clearwire in order to ease Sprint's sale to another wireless communications provider.

The Texas-based Crest Financial Ltd., a lender who owns a 6.62 percent share in Clearwire, alleges the broadband company of breaching its fiduciary duties by allowing Sprint — which owns 50.45 percent of the company — to extract the full value of Clearwire’s broadband spectrum to...
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