Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times reporter Sharon Chan.
October 10, 2006 10:37 AM
Posted by Kim Peterson
Loudeye said today that it is the target of another class-action lawsuit. We reported last week that the company had been sued in federal court for allegedly portraying its business as more healthy than it actually was.
The second lawsuit was filed Friday in King County Superior Court against Loudeye and Nokia, which is buying Loudeye for $60 million in cash. The suit claims that Loudeye and its executives breached their duties, with help from Nokia, in negotiating and entering the buyout deal. The suit is asking that the merger be stopped.
Loudeye said in a regulatory filing today that it will vigorously fight the lawsuit.