IAC Drops Stock-Shuffling Plans, Negating Class Action

Law360, Wilmington (June 26, 2017, 11:03 PM EDT) -- Barry Diller's InterActiveCorp has dropped a plan to create a new class of nonvoting stock, immediately negating a consolidated class action that followed the company's announcement last fall, according to filings submitted Friday to Delaware Chancery Court.

An attorney for the California Public Employees' Retirement System, Joel Friedlander, asked Vice Chancellor Travis Laster in a short letter Friday to approve the dismissal of the suit because IAC "has determined to abandon the Class C recapitalization that had been approved by stockholders with majority voting power on Dec. 15, 2016."

Lead plaintiff CalPERS, which holds almost 172,000 shares, claimed IAC and Chairman Barry Diller...

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