Yahoo Board, Third Point Sued Over $1.16B Buyback Deal

Law360, Los Angeles (July 31, 2013, 4:20 PM EDT) -- A Yahoo Inc. shareholder hit Third Point LLC, its CEO and certain members of Yahoo’s board of directors with a derivative lawsuit in New York state court Tuesday, accusing them of breach of fiduciary duty in connection with a $1.16 billion stock buyback.

The lawsuit, which also alleges claims of waste of corporate assets and unjust enrichment, comes a week after Yahoo announced it would buy back the majority of hedge fund Third Point's stake in the company in a $1.16 billion deal, prompting the three...
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