eBay sues craigslist; cites dilution
By Larry Dignan |
EBay said Tuesday that it is suing craigslist, Craig Newmark and Jim Buckmaster to “safeguard its four-year financial investment.”
The auction giant bought a 28.4 percent stake in craigslist in 2004, but alleges that in January that Newmark and Buckmaster “adopted measures that, among other things, unfairly diluted eBay’s economic interest in craigslist by more than 10 percent.” I have emailed craigslist to find out what exactly Newmark and Buckmaster did. My guess: craigslist issued more shares to dilute eBay’s stake.
eBay’s Kijiji already competes with craigslist. In a statement, eBay said (Techmeme):
By taking these unilateral actions, eBay believes that Newmark and Buckmaster breached their fiduciary duties in violation of Delaware corporate law.
Unfortunately, the complaint is sealed due to confidentiality restrictions.
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This entry was posted on Wednesday, April 23rd, 2008 at 1:43 am and is filed under General, Web Development News . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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