SAN DIEGO, June 22, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed by an investor in shares of Viacom, Inc. (NASDAQ:VIAB) against certain directors of Viacom, Inc. over alleged breaches of fiduciary duties.
Investors who purchased shares of Viacom, Inc. (NASDAQ:VIAB) in 2013 or earlier and continue to hold any of those NASDAQ:VIAB shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Viacom, Inc. is controlled by 93-year old Sumner M. Redstone, who owns approximately 80% of Viacom’s voting Class A common stock through his holding company National Amusements, Inc., but only 10% of Viacom’s equity. The plaintiff claims that the board of directors of Viacom, Inc. has failed to protect the company or the holders of its non-voting Class B common stock from the chaos that would ensue at Viacom when Sumner Redstone inevitably became incapacitated or passed away. The plaintiff claims, among other things, that certain directors have routinely re-nominated Sumner Redstone to serve on the board of directors of Viacom, Inc. each year, despite the fact that he has not attended a board meeting in person since 2014, and at that time “dozed and drooled” through such meetings, and that until recently the same defendants have also continued to approve substantial compensation payments to Sumner Redstone even though he was not actually performing any services for Viacom, Inc. The plaintiff says that in essence, the board of directors continued to appease the declining Sumner Redstone or whomever was controlling him at the moment in order to maintain their lucrative positions as directors of the company.
Shares of Viacom, Inc. (NASDAQ:VIAB) declined from $89.76 per share in July 2014 to as low as $30.11 per share in February 2016.
Those who purchased shares of Viacom, Inc. (NASDAQ:VIAB) in 2013 or earlier and continue to hold any of those NASDAQ:VIAB shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.