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EBay sues Craigslist over stake

In Brief | COURTS

April 23, 2008|From Times Wire Services

EBay Inc. sued competitor Craigslist in a dispute over whether the Internet bulletin board tried to blunt EBay's ownership stake.

San Jose-based EBay alleged in the lawsuit that Craigslist, the Web's dominant classifieds listing service, took "unilateral actions" to dilute EBay's 28.4% stake by more than 10%.

The suit asked a Delaware Chancery Court to rescind the unspecified actions to protect EBay's stockholders and preserve its stake in Craigslist.

EBay bought a minority stake in 2004 and launched its own competing online classifieds site, called Kijiji, three years later in the U.S.

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