Primedia Inc. shareholders can pursue direct claims alleging that the company’s board and its largest shareholder, Kohlberg Kravis Roberts & Co., acted on inside information in purchasing $30.5 million in stock in July 2002, the Delaware Court of Chancery has ruled.
The court, however, blocked the shareholders from pursuing direct claims against the defendants for stock purchases that occurred prior to Primedia’s $115 million sale of American Baby magazine and several affiliated properties to another publishing company.
