EBay sues Craigslist over stake
From Times Wire Services
EBay Inc. sued competitor Craigslist in a dispute over whether the Internet bulletin board tried to blunt EBay’s ownership stake.
San Jose-based EBay alleged in the lawsuit that Craigslist, the Web’s dominant classifieds listing service, took “unilateral actions” to dilute EBay’s 28.4% stake by more than 10%.
The suit asked a Delaware Chancery Court to rescind the unspecified actions to protect EBay’s stockholders and preserve its stake in Craigslist.
EBay bought a minority stake in 2004 and launched its own competing online classifieds site, called Kijiji, three years later in the U.S.
