eBay, which had filed a corporate governance lawsuit against Craigslist accusing founder Craig Newmark and CEO Jim Buckmaster of breaching their fiduciary duties, has been granted a postponement. The trial is now scheduled for December7, 2009. The Court of Chancery of the State of Delaware also issued a pretrial decision that dismissed two charges brought by eBay Inc. against Newmark and Buckmaster.
eBay's deputy general counsel, Mary Huser issued a statement on eBay's corporate blog stating in part, "The evidence we will present will show that the board of directors engaged in a scheme to dilute eBay's shares in craigslist. eBay is asking the Court to reverse these transactions and return the property that was wrongly taken from it by the craigslist board directors."
Jim Buckmaster posted an update on the Craigslist blog, stating in part: "As to the remaining claims, the evidence at trial will show craigslist and its directors adopted reasonable governance measures to protect craigslist and its mission from, among other things, eBay's exploitation of its position as stockholder to harm craigslist and obtain unfair commercial advantage."
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eBay, which had filed a corporate governance lawsuit against Craigslist accusing founder Craig Newmark and CEO Jim Buckmaster of breaching their fiduciary duties, has been granted a postponement. The trial is now scheduled for December7, 2009. The Court of Chancery of the State of Delaware also issued a pretrial decision that dismissed two charges brought by eBay Inc. against Newmark and Buckmaster. 