Microsoft Withdrawal Gives Yahoo Plaintiffs Ammo

Law360, New York (May 6, 2008, 12:00 AM EDT) -- The lead plaintiffs in the chief lawsuit to compel Yahoo Inc. to accept a takeover by Microsoft Corp. will amend their complaint to reflect Microsoft's decision Saturday to scuttle the deal after Yahoo rejected Microsoft's sweetened offer of nearly $50 billion.

The two Detroit pension funds that brought the consolidated proposed Yahoo shareholder class action will file an amended complaint shortly in the Delaware Court of Chancery, co-lead counsel Bernstein Litowitz Berger & Grossmann LLP announced Monday.

“Our concern from the beginning was that [Yahoo Chief...
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