On February 9, 2012, a shareholder class action was filed in the United States District Court for the Northern District of California alleging that the Company's directors breached their fiduciary duties in approving the Plan of Liquidation and violated Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 in connection with issuing the consent solicitation with the intention of obtaining shareholder approval. The action also alleges that the Company aided and abetted in the director's breach of fiduciary duties. The Company and directors believe that this action is without merit and will defend it vigorously.
No way this class action is the work of Sal. He owns enough shares that he could just vote no on the liquidation and then the liquidation would be dead. My guess is that he must be on board with the liquidation. The class action sounds like typical lawyer money grab and likely shareholders will get nothing from it.