Plaintiff Steve Staehr, who has filed shareholder suits in the past, sues Adobe Systems' board of directors, claiming that the company's plan to buy Macromedia breaches its duty to shareholders.Adobe Systems' board of directors has been sued by a shareholder who claims that the company's plan to buy Macromedia breaches its duty to shareholders.
The case, Staehr v. Chizen et al., was filed Monday in Santa Clara, Calif. According to court documents, a restatement of Macromedia Inc.'s earnings on June 10 caused a drop in Macromedia stock, which in turn hurt shareholders.
In its second-quarter results announced Wednesday, Adobe Systems Inc. acknowledged the lawsuit and issued a statement: "Adobe management believes the complaint is without merit and intends to defend the matter vigorously."
Read more here about Adobe's plans to buy Macromedia.
Plaintiff Steve Staehr has filed shareholder suits in the past. In October 2004, Staehr filed a shareholder derivative suit against Netflix, according to SEC (Securities & Exchange Commission) documents.
In that case, Staehr claimed that Netflix allowed false statements to be made regarding subscriber churn. He and co-plaintiff Doris Staehr also alleged that Netflix executives illegally traded stock, abused their control of the company and perpetrated gross mismanagement. That case is still pending.
Read the full story on Publish.com: Shareholder Sues Adobe over Macromedia Plans
