Walmart’s $2.3 Billion Deal for Vizio Hit With Court Challenge

Vizio Holding Corp.'s founder pushed the smart-TV maker into an underpriced $2.3 billion sale to Walmart Inc. in exchange for lucrative side perks offered during secret talks, according to a shareholder lawsuit.

An investor cashed out by the transaction is suing Vizio’s onetime senior leaders, including CEO William Wang, company president Ben Wong, and other corporate directors at the time of the acquisition. Despite the emergence of other suitors, Wang wielded his 86% stake to tilt the scales toward Walmart before taking an almost-done deal to the board, which rubber-stamped terms that steered value to him and Wong, the ...