San Antonio’s Carnegie Technologies sues magicJack
Summary
Stymied in its hostile takeover bid for magicJack VocalTec, San Antonio communications company Carnegie Technologies Holdings is now seeking the help of an Israeli court. Carnegie and founder Paul Posner filed a lawsuit Wednesday in an attempt to get the court to direct magicJack to amend the agenda for its annual shareholders’ meeting to include Carnegie’s nominees for the board of directors. Last month, magicJack said Carnegie’s push to nominate new board directors was “invalid” because the proposal didn’t meet Israeli company requirements. “It is unconscionable that magicJack is trying to deny shareholders the opportunity to hear from us and to vote for validly nominated directors,” Posner said in a statement. He and Carnegie own 1.6 percent of magicJack, which invented a device that provides users free phone service through the internet.
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