Travelzoo Dodges Derivative Suit Over 2009 Asset Sale

Law360, New York (January 23, 2014, 12:44 PM EST) -- A New York state judge on Tuesday tossed a shareholder derivative suit accusing Internet travel media company Travelzoo Inc. and certain board members of shortchanging shareholders by selling Travelzoo's Asia-Pacific assets to the company's founder, Ralph Bartel, at a discount.

Judge Barbara R. Kapnick dismissed with prejudice shareholder Pamela Kebis' suit accusing majority shareholder Azzurro Capital Inc., which is owned entirely by Bartel, and various directors of the company of failing to disclose they received any competing offers before selling the company’s Asia Pacific division to Bartel...
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