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Viacom Suing Harmonix Stockholders
As far as corporate break-ups go, the split between Viacom and Rock Band developer Harmonix late last year seemed to go about as smoothly as possible. Apparently all is not well, though, as Viacom has filed a lawsuit seeking over $130 million from Harmonix stockholders who benefited from Viacom's original merger with Harmonix.
Hollywood Reporter has the news that Viacom has followed up claims to the SEC with an official lawsuit in Delaware, claiming that earn-out payments to Harmonix stockholders were miscalculated. As a whole, Harmonix stockholders made just under $150 million at the time of the merger. Viacom is demanding that $131,827,980 be paid back.
I'm far from understanding the intricacies of the financial concepts being discussed here, but the Hollywood Reporter notes that it's apparently rare for corporations to attempt to get back earn-out payments after selling off a company. Here's hoping this is resolved before things get too terribly ugly.
[via Joystiq]
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