SAN JOSE, Calif. - EBay Inc. says it is suing Craigslist, alleging the classified site's board unfairly tried to dilute eBay's stake in it.
EBay purchased a 28-percent stake in Craigslist, a privately held company, in 2004.
But in January, eBay says, Craigslist's board, consisting of founder Craig Newmark and Chief Executive Jim Buckmaster, unilaterally acted to dilute eBay's economic interest in Craigslist by more than 10 percent.
The company is asking Delaware's Court of Chancery to negate the board's actions.
The complaint is under seal at eBay's request, according to a company statement.
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