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Judge Green-Lights MySpace Shareholder Suit

Law360, New York (August 1, 2008, 12:00 AM EDT) -- A federal judge has ruled that shareholders of Intermix Media Inc., the former owner of social networking site MySpace.com, can proceed with a portion of their class action accusing the company's officers, directors and institutional investors of staging an unfair and underpriced sale of Intermix to News Corp. in 2005.

The U.S. District Court for the Central District of California on July 14 denied in part the defendants' motion to dismiss the lawsuit, allowing plaintiffs to pursue their claims that some of the defendants violated the...
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