Cumulus Media defends shareholder suits alleging aiding and abetting breach of fiduciary duty
Clients Cumulus Media Inc.
Jones Day represented Cumulus Media Inc. in parallel putative shareholder class actions filed in Delaware Chancery Court and Nevada state court, arising out of Cumulus' acquisition of Citadel Broadcasting Corp. in a cash and stock transaction valued at approximately $2.5 billion. The action was settled and dismissed on a disclosure only basis.
Michelle Eschenbach v. Citadel Broadcasting Corp., et al., C.A. 6458-VCP (Del. Ch.); Jeffrey LaReau v. Citadel Broadcasting Corp., et al, Case No. A-11-636996-B (Nev. Dist. Ct.); Joyce Jeffrey v. Farid Suleman, et al, Case No. A-11-637587-C (Nev. Dist. Ct.)