Sun gave the SEC some bad news on Friday. Computerworld is reporting that in a recent SEC filing Sun reveals that 3 different lawsuits have been filed by shareholders to block the sale.
All three actions are aimed at blocking the $7.4 billion sale, alleging the price tag is “unfair and inadequate.” They also allege “claims for breach of fiduciary duty against the individual defendants and for aiding and abetting a breach of fiduciary duty against the corporate defendants,” the filing states.
And, a really fun one, the company says it may have violated the foreign corrupt practices act.
Sun also said in the SEC filing that it may have broken the U.S. Foreign Corrupt Practices Act during fiscal 2009. The law is meant to stop companies from bribing foreign officials. Sun said it has started an independent investigation into suspect activities in a “certain foreign country” and “took remedial action,” as well as made a voluntary disclosure to U.S. authorities.