Statement from Crest Financial
HOUSTON, Dec. 17, 2012 /PRNewswire-USNewswire/ -- Crest Financial Limited Friday amended its previously filed complaint against Sprint and Clearwire in the Court of Chancery in Delaware to make the lawsuit into a class action and to ask the court to block as unfair the proposed merger between Sprint and Clearwire.
Crest's amended complaint was filed because of the announcement, made after Crest's original complaint was filed, that Sprint has proposed to acquire all of the Clearwire shares not already owned by Sprint.
Sprint's proposal to acquire Clearwire was anticipated in Crest's original complaint and demonstrates exactly what Crest has alleged – that Sprint hatched a scheme to extract the value of Clearwire's assets for its own benefit and to the detriment of Clearwire's minority shareholders. The amended complaint is available at www.bancroftpllc.com/crest.