LG, Zenith Added to Alphonso Investor Suit Over Board Fight (1)

LG Electronics Inc., Zenith Electronics Inc., and some of their executives should be held financially responsible for already determined harm to data collection company Alphonso Inc., two of its founders and a former officer allege.

LG, its subsidiary Zenith, and individual defendants improperly removed three minority-appointed Alphonso directors in a bid to squeeze out minority stockholders at an unfair price “and siphon value from Alphonso to LG,” Ashish Chordia and the two other plaintiffs say. Their amended complaint was filed publicly Sept. 12 in the Delaware Chancery Court.

The new filing builds on a case in which those investors ...