3 More Shareholder Suits Filed Over New Frontier Takeover

BOULDER, Colo. — Three additional shareholder suits have been filed against New Frontier Media and LFP Broadcasting over the planned $33 million takeover of the adult transactional TV service.

Last week, XBIZ reported that one plaintiff, Craig Telke, launched a putative shareholder suit at federal court in Denver alleging that the acquisition of New Frontier Media by LFP Broadcasting is "grossly inadequate."

Telke's suit asks for an injunction over the proposed deal or rescinding it if the deal is consummated by its scheduled closing date of Nov. 27, as well as damages and attorneys fees. The suit seeks class-action status.

The three additional suits — two filed at Boulder County District Court and one at Denver County District Court — were filed by shareholder plaintiffs Elwood White, Dennis Palkon and Gopal Chakravarthy, both making the same allegations in their cases as Telke's suit and ask for class-action status. They also made the same injunctive demands.

Among the allegations in all four suits, New Frontier Media's board is alleged to have breached its fiduciary duties in connection with the LFP Broadcasting offer.

Last month, New Frontier Media announced that TV service had signed a definitive agreement to be acquired by LFP Broadcasting for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share.

Today, in a response to the three suits, New Frontier Media CFO Grant Williams said in a filing with regulators that the Boulder, Colo.-based company believes the suits lack merit and intend to contest them vigorously.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Tiffani Time Makes Her WIFEY Debut

Newly crowned XMA Creator Awards Rising Clip Creator Tiffani Time stars with her husband Benfit and Jax Slayher in the latest release from Vixen Media Group studio imprint WIFEY.

Karmen Karma Stars in Latest From Ricky's Room

Karmen Karma stars in the latest release from Ricky's Room, titled "A Long Time Cumming."

FSC Publishes Analysis of Federal Trade Commission Event Promoting AV

Free Speech Coalition (FSC) has published an analysis of a Federal Trade Commission (FTC) event held this week that promoted age verification among other forms of speech regulation.

Cubbi Thompson Makes Her Jules Jordan Debut

Cubbi Thompson has made her Jules Jordan debut alongside Lexington Steele in the studio's latest release.

Seth Gamble Drops Trailer for Upcoming Feature 'Once Upon a Time in the Valley'

Multi-XMAs winner Seth Gamble has released the trailer for his upcoming Wicked Pictures feature, "Once Upon a Time in the Valley."

Ryan Reid Stars in Latest From Brazzers

Ryan Reid stars with Damon Dice in “A Day in the Life,” from Brazzers.

Andylynn Payne Toplines Joey Silvera's 'Trans-Active 30'

Andylynn Payne headlines director Joey Silvera’s “Trans-Active 30” from Evil Angel.

Violet Myers, Megan Faith Star in Latest From Slayed

Reigning XMAs Premium Social Creator of the Year Violet Myers stars with Megan Faith in the latest release from Vixen Media Group studio imprint Slayed.

Coco Bae Returns to Brazzers

Coco Bae stars with Danny D. in the latest release from Brazzers, titled “The Cock Collector.”

GirlsDoPorn Owner Michael Pratt Pleads Guilty to Sex Trafficking

Michael Pratt, former owner of the rogue website GirlsDoPorn, pleaded guilty in the U.S. District Court for the Southern District of California on Thursday to sex trafficking and conspiracy to commit sex trafficking charges, according to a report by City News Service.

Show More