Today's Hard|Forum Post
Today's Hard|Forum Post

Tuesday May 01, 2012

Retirement Fund Sues Google Over Stock

It would seem that not everyone is happy with Google's recently announced stock split. The Brockton Retirement Board has filed a class action lawsuit against the search giant accusing Google of breaching its fiduciary duty to the company’s shareholders.

In a lawsuit filed in the state of Delaware, the suit alleges that Google co-founders Larry Page and Sergey Brin are issuing a stock split in order to cement their power over the company. The stock split would serve to make Google’s shares more affordable, but form a new class of non-voting shares for current investors such as the Brockton Retirement Board.