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Business Organizations Keyed to Bauman
In re eBay Inc. Shareholders Litigation
Citation:
2004 WL 253521 (Del. Ch. 2004).Facts
In 1995, Omidyar and Skoll founded eBay, Inc. The company quickly grew and, in 1998, they hired Goldman Sachs and other investment banks to underwrite an initial public offering of common stock. The stock was initially priced at $18 per share, but skyrocketed thereafter. In 2001, Goldman Sachs was asked to serve as eBay’s financial advisor in connection with an acquisition of PayPal, Inc. eBay paid Goldman Sachs $8 million for their services.
During this time period, plaintiffs alleged that Goldman Sachs “rewarded” the individual director defendants by allocating them thousands of IPO shares. Omidyar received at least 40 IPOs, Whitman received 100 IPOs, Skoll received at least 75 IPOs and Kagle received 25 IPOs. All four promptly resold their equities and made millions of dollars in profit.
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