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Google Execs and Board Sued By Two Shareholders

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Two lawsuits have been filed in federal court in San Jose by two Google shareholders on behalf of the company and other shareholders against CEO Larry Page, chairman Eric Schmidt, co-founder Sergey Brin, current board members John Doerr, of venture capital firm Kleiner Perkins Caufield & Byers; John Hennessy, the president of Stanford University; Paul Otellini, the CEO of Intel; Shirley Tilghman, president of Princeton University; as well as others. The lawsuit alleges the defendants breached their fiduciary duties by facilitating illegal imports of prescription drugs.

This comes after the DOJ announced that Google will pay a settlement of $500 million after it allowed Canadian online pharmacies to use AdWords to advertise prescription drugs to American consumers.

According to one of the lawsuits, “The breadth and scope of the wrongdoing was astonishing. From 2003 to 2009, Google knowingly assisted Canadian pharmacies in advertising the illegal sale of prescription drugs.”

“Google’s quick response after learning about the [DOJ] investigation shows that the Individual Defendants could have, at any time of the six-year-long scheme, stopped the Company from assisting the online pharmacies,” Computer World reported one of the lawsuits as saying.

The lawsuits demand that the directors and executives be required to damages as decided by a jury, to punish and  make an example of the defendants.

 

 

breakinglawsuitnews.com disclaimer: This article: Google Execs and Board Sued By Two Shareholders was posted on Tuesday, September 6th, 2011 at 8:15 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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