NEW YORK, Jan. 18, 2005 (PRIMEZONE) -- Faruqi & Faruqi, LLP filed a class action lawsuit in the Court of Chancery in the State of Delaware, on behalf of its client and all persons or institutions who held shares of UnitedGlobalCom, Inc. ("UnitedGlobal" or the "Company") (Nasdaq:UCOMA) challenging the fairness of the recent merger proposal made by Liberty Media International, Inc. ("Liberty Media"), which owns approximately 53% of UnitedGlobal's outstanding common stock.
Among other things, plaintiff's Complaint alleges that the consideration to be paid to Class members in the transaction is unconscionable and unfair and grossly inadequate because the intrinsic value of UnitedGlobal's common stock is materially in excess of the amount offered given the stock's current trading price and the Company's prospects for future growth and earnings. Additionally, the Complaint alleges defendants have breached their duty of loyalty to UnitedGlobal stockholders by using their control of UnitedGlobal to force plaintiff and the Class to exchange their equity interest in UnitedGlobal at an unfair price, and deprive UnitedGlobal's public shareholders of maximum value to which they are entitled. The Complaint alleges further that defendants have also breached their duties of loyalty and due care by not taking adequate measures to ensure that the interests of UnitedGlobal's public shareholders are properly protected from overreaching.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
ANTHONY VOZZOLO, ESQ. FARUQI & FARUQI, LLP 320 East 39th Street New York, NY 10016 Telephone: (877) 247-4292 or (212) 983-9330 e-mail: Avozzolo@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca