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In a surprising move, the search giant Google Inc and its board have been sued by its shareholders. According to latest chunk of information, Google’s shareholders want to block the company's stock split plan.
It is reportedly said that the stock split plan can favor the web search company's co-founders Larry Page and Sergey Brin.
Earlier this month, Google has announced the surprise stock split plan. According to which, shareholders will get a new share of non-voting "Class C" stock for each existing "Class A" share.
As a consequence to this, the company would be able to issue new shares for acquisitions and employee compensation without diluting the 56.3 percent voting stake enjoyed by Page and Brin.
Presently, top three Google executives (Sergey Brin, Larry Page and Eric Schmidt) control 66% of the voting power over the company's shares
However, nothing can be said for now, as any spokesperson from Google has denied to respond to a request for comment.
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Tags: Google, IT news, latest IT News, GDP (gross domestic product) , shareholders sues Google, Stock split, acquisitions and employee compensation | | |
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