A merger between GCI Liberty Inc. and Liberty Broadband unfairly consolidates billionaire John Malone’s voting power and strips Series A stockholders of the voting power of their shares, a class action filed in Delaware alleges.
The suit, filed by a proposed class of public GCI stockholders, alleges the merger replaces GCI Series A shares that currently give holders over 60% of GCI voting power with a class of non-voting stock of the combined company, pushing the public investor stake down to zero while increasing voter control for Malone and Gregory Maffei, president and CEO of both companies.
Stockholders allege the ...
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