Warner Music Group Holder Sues Over $1.3 Billion Access Sale

Warner Music Group Corp. was sued by a shareholder over claims its $1.3 billion acquisition by former director Len Blavatnik’s Access Industries Holdings undervalues the company.

Warner Music directors abandoned their duty to shareholders when they agreed to a deal that benefits Access to the “detriment” of the minority investors, Barbara A. Varipapa said in a complaint filed today in Delaware Chancery Court in Wilmington. Warner Music’s largest shareholders, who collectively own about 56 percent of the company, agreed to vote in favor of the transaction, according to the complaint.