A class action lawsuit has been filed against the personal computer company alleging its sale price is inadequate and unfair. Gateway is planning to sell the company to Acer Inc. of Taiwan for $710 million. Shareholders claim Gateway directors breached their fiduciary duties to stockholders by approving the buyout and allege that the transaction is both unfair and coercive to the public stockholders.
The lawsuit was filed in Orange County, CA and names Gateway and each of its directors as defendants. The suit claims Gateway failed to include complete information in reports to investors that prevented a fully informed, voluntary choice whether to approve the merger agreement or seek appraisal.
