Two Sotheby’s shareholders are suing the auction house and calling on a judge in New York City to block its planned sale
to French telecom tycoon Patrick Drahi. In separate lawsuits filed last week by Eli Goffmna and Shiva Stein, Sotheby’s is accused of failing to disclose sufficient information about the terms of the deal and the company’s valuation, performed by its financial advisor LionTree Advisors LLC, to allow shareholders to vote on Drahi’s offer.
In her suit, filed on July 19th, Goffmna alleges that Sotheby’s filed “a materially incomplete and misleading” proxy statement with the U.S. Securities and Exchange Commission (SEC), and that the statement “misrepresents or omits material information that is necessary for [Sotheby’s] shareholders to make an informed voting decision.” In a lawsuit filed two days earlier, Stein made similar claims, including that “the proxy statement discloses management-prepared financial projections for [Sotheby’s] which are materially misleading.”
In a statement provided to Bloomberg
, Sotheby’s said: