SAN DIEGO, Sept. 30, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who currently holds shares of DISH Network Corp (DISH ) filed a lawsuit against Dish Network's Chairman Charlie Ergen over $1 billion debt purchases.
Investors who purchased a significant amount of shares of DISH Network Corp (DISH) and currently hold any of those DISH shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that the lawsuit was filed because of the complete failure of DISH Network's Board of Directors to withstand the domineering influence of Dish's controlling shareholder Ergen.
The plaintiff says that in April 2013, Ergen completed the purchase of more than $1 billion of debt of a bankrupt wireless network company, LightSquared, L.P., which owns such spectrum licenses. Then in May, 2013, Ergen launched a personal $2 billion bid for LightSquared's spectrum assets. The plaintiff claims that the bid that directly competed with DISH Network's clear interests in bidding for these same assets.
On July 23, 2013, DISH Network Corp submitted a competing $2.2 billion bid for LightSquared's assets as part of a reorganization plan that LightSquared's secured lenders, including Ergen, submitted for approval in the LightSquared bankruptcy.
The plaintiff claims that if approved, DISH Network's bid ensures that Ergen will receive hundreds of millions of dollars in personal profit on his $1 billion debt purchases.
On July 25, 2013, Gary Howard, an eight-year veteran of the board of directors of DISH Network, who is reported to have been a member of the quickly disbanded Special Committee that was created in connection with DISH Network's possible bid for LightSquared's spectrum assets, resigned.
The plaintiff says that Howard's resignation occurred so abruptly that DISH Network was at risk of being delisted from NASDAQ for failure to comply with minimum listing requirements.
On August 6, 2013, LightSquared's principal shareholder, Harbinger Capital Partners, filed a lawsuit against Dish Network Chairman and other seeking more than $2 billion in punitive and compensatory damages for an alleged fraudulent scheme to assume control of LightSquared and its valuable wireless spectrum.
Those who are current long-term investors in shares of DISH Network Corp (DISH) have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.