Sprint Investor Wants $20B Softbank Deal Halted

Law360, Los Angeles (May 7, 2013, 7:28 PM EDT) -- A Sprint Nextel Corp. shareholder on Tuesday urged a Kansas federal judge to enjoin the company and its top brass from consummating a $20.1 billion tie-up with Softbank Corp., saying investors will face irreparable harm without a preliminary injunction.

Named plaintiff Paul Gerbino filed suit against Sprint and its top brass with a putative investor class action in November, saying the deal is unfair and undervalues Sprint. Gerbino said Sprint executives breached their fiduciary duties by agreeing to the $20.1 billion deal, in which Japanese telecommunications...
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