What is Yahoo hiding?
17 May 2008, 1507 hrs IST,AP
SAN FRANCISCO: Yahoo Inc is seeking to
conceal large portions of a shareholder lawsuit alleging the Internet company's
board improperly thwarted Microsoft Corp's $47.5 billion takeover offer, raising
shareholder questions over the motives for the secrecy.
In a letter
sent Friday to the judge overseeing the case in Delaware, a lawyer for the
shareholders argued Yahoo is trying "to whitewash embarrassing documents"
because the company thinks the information will damage the board's efforts to
repel a challenge by activist investor Carl Icahn.
Angered by the
board's handling of Microsoft bid, Icahn has nominated an alternate slate of
candidates to oppose Yahoo's 10 current directors — including Chief
Executive Jerry Yang — at the Sunnyvale-based company's July 3 annual
meeting.
Yahoo is trying "to sanitize the public record and maintain
a cloak of secrecy regarding unflattering evidence of breach of fiduciary duty,"
shareholder attorney Joel Friedlander wrote in a letter to Chancellor William B
Chandler III.
The redacted documents include information about an
employee severance plan that Yahoo adopted shortly after Microsoft made its
initial bid January 31 and notes about a conversation between Yang and Microsoft
CEO Steve Ballmer, Friedlander wrote.
Yahoo had no immediate comment
Friday. Generally, companies often seek to keep parts of publicly available
lawsuits under seal for competitive reasons.
A hearing on the request
to unseal the disputed material has been scheduled at 10 a.m. Tuesday in
Chandler's court, said Mark Lebovitch, another lawyer representing the
shareholders. He declined further comment.
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