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Loudeye Shareholders Approve Nokia Acquisition; Class Actions Filed

Authored by Mark Hefflinger on October 12, 2006 - 1:09pm.
Seattle - Shareholders have approved digital music service provider Loudeye's $60 million buyout by cell phone maker Nokia, the company said in a regulatory filing. The deal expected to close next week. Meanwhile, several law firms have announced the filing of shareholder class actions against Seattle-based Loudeye, alleging the company artificially inflated its stock price between May 2003 and November 2005. One lawsuit, from New Orleans-based law firm KGS, said the company during this time was "operating well below guidance… not successfully integrating its acquisitions," and that its "restructuring was failing." The company's share price fell from a high of $30 per share in late 2004 to less than $2 per share by the time Loudeye announced Nokia's intention to acquire the company.
http://biz.yahoo.com/e/061011/loud8-k.html
http://biz.yahoo.com/iw/061005/0169621.html
http://biz.yahoo.com/pz/061010/106615.html
http://biz.yahoo.com/pz/061011/106672.html
http://biz.yahoo.com/prnews/061011/daw052.html?.v=40
http://www.loudeye.com

tags: Deals | Mobile | Law | Lawsuits | Tech | Music | Wireless | Investing | Acquisitions | Loudeye | Nokia |



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