Sprint PCS shareholders sue over amalgamation plan

Sprint is reported to be facing at least half a dozen lawsuits by holders of its wireless stock, over the company’s decision to recombine the tracking stocks of its wireline (Sprint FON) and wireless (Sprint PCS) businesses. Holders of the PCS shares are angry about the terms of the amalgamation, which they see as favouring the holders of the wireline stock, a charge which has been fiercely denied by the Sprint board. Under the terms of the deal each PCS share will be exchanged for 0.5 FON share by the deadline of 23 April.