Protecting the Rights of Shareholders and Consumers
On2 Technologies, Inc. Securities Litigation
On2 Technologies, Inc. (AMEX: ONT) Shareholder litigation over alleged unfair takeover On August 5, 2009, On2 Technologies, Inc., Inc. (“On2 Technologies” or the “Company”) announced that it agreed to sell the Company to Google Inc. ("Google") (NasdaqGS: GOOG). Under the terms of the agreement, On2 Technologies shareholders will receive $0.60 of Google stock for each share of On2 Technologies they own. The transaction appears unfair given that On2 Technologies stock traded at $0.65 per share as recently as May 13. 2009.
The class action complaint alleges that the On2 Technologies Board of Directors breached their fiduciary duties to On2 Technologies shareholders by failing to conduct an open and fair auction process for the Company.