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Cardinal Value Equity partners sued InfoUSA CEO Vinod Gupta late last week, claiming breach of the fiduciary duties he owed to investors in the customer database company.
Securities and Exchange Commission records indicate the Cardinal Value owns 6.4% of the Omaha NE-based mailing list company.
According to the Associated press, in September 2005 Cardinal expressed concern to InfoUSA’s board of directors about the rejection of an $11.75-per-share buyout offer. The new lawsuit is framed as a derivative class-action complaint, brought to recover company money in the name of all shareholders.
