Class Action Suits to Block Sale of iPayment to CEO
Two lawsuits have been filed in Davidson County Chancery Court regarding the proposed sale of iPayment, Inc. to its chairman and CEO. According to the Nashville City Paper, two shareholders in separate suits are seeking certification of the class of all shareholders of iPayment, Inc. The article states that the offer to buy is for $38 per share – more than the average closing price when the CEO made the offer, but less than the current price. The City Paper article does not specifically state whether either of the suits is seeking monetary damages, but the move for class status suggests they are.