Sunnyvale, California: Yahoo Inc is facing seven shareholder lawsuits alleging the slumping Internet pioneer bungled its response to Microsoft's unsolicited takeover bid.
Microsoft is preparing to overthrow Yahoo's 10-member board following its rejected buyout offer.
The Sunnyvale-based company provided a breakdown of the suits in an annual report filed on Wednesday with the Securities and Exchange.
The documents didn't provide any new information about Yahoo's attempts to shoo away Microsoft, which is threatening to pursue a hostile takeover unless a friendly deal can be negotiated.
Yahoo's board believes Microsoft's offer, originally valued at $44.6 billion, is insufficient.
Microsoft, though, has stood firm and is now preparing to overthrow Yahoo's 10-member board, which includes the company's co-founder and chief executive, Jerry Yang.
Most analysts believe Microsoft will do whatever it takes to buy Yahoo.
Redmond-based Microsoft has invested heavily in honing its own search engine and advertising technology, but neither it nor Yahoo have helped close the gap with Google, which dominates Microsoft and Yahoo in US search queries and related advertising revenue.
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