Hearst-Argyle sued over bid


The directors of Hearst-Argyle haven’t yet accepted or rejected a buyout bid from Hearst Corporation (8/27/07 RBR #167), but class action lawyers are already jumping on the case. One firm announced the filing of a lawsuit against certain officers and directors of Hearst-Argyle and is trolling for clients to join the lawsuit.

Hearst-Argyle shares have traded above the 23.50 bid level since the offer was announced in anticipation by traders that Hearst Corporation will be forced to go higher to win approval of its effort to buy out the 27% of Hearst-Argyle that is in public hands. Now the Law Offices of Brian M. Felgoise has announced the filing of a class action lawsuit – and announcement that encouraged other Hearst-Argyle shareholders to give Felgoise a calls to "discuss your legal rights" at no cost or obligation. "The goal of the lawsuit is to seek the highest possible offer for the public shares," the announcement stated.

Hearst-Argyle Television owns 26 television stations, manages three others, and also manages two Baltimore radio stations owned by Hearst Corporation