3 More Shareholder Suits Filed Over New Frontier Takeover

BOULDER, Colo. — Three additional shareholder suits have been filed against New Frontier Media and LFP Broadcasting over the planned $33 million takeover of the adult transactional TV service.

Last week, XBIZ reported that one plaintiff, Craig Telke, launched a putative shareholder suit at federal court in Denver alleging that the acquisition of New Frontier Media by LFP Broadcasting is "grossly inadequate."

Telke's suit asks for an injunction over the proposed deal or rescinding it if the deal is consummated by its scheduled closing date of Nov. 27, as well as damages and attorneys fees. The suit seeks class-action status.

The three additional suits — two filed at Boulder County District Court and one at Denver County District Court — were filed by shareholder plaintiffs Elwood White, Dennis Palkon and Gopal Chakravarthy, both making the same allegations in their cases as Telke's suit and ask for class-action status. They also made the same injunctive demands.

Among the allegations in all four suits, New Frontier Media's board is alleged to have breached its fiduciary duties in connection with the LFP Broadcasting offer.

Last month, New Frontier Media announced that TV service had signed a definitive agreement to be acquired by LFP Broadcasting for $2.02 per common share in cash up front, or approximately $33 million, plus a contingent cash payment right for each common share.

Today, in a response to the three suits, New Frontier Media CFO Grant Williams said in a filing with regulators that the Boulder, Colo.-based company believes the suits lack merit and intend to contest them vigorously.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Agatha Vega Fronts Latest From Ricky's Room

Reigning XMA Europas Female Performer of the Year Agatha Vega stars in the latest release from Ricky's Room, titled "Agatha Habla Sucio."

Taylor Vixxen Makes Her MILFY Debut

Taylor Vixxen has made her debut for Vixen Media Group (VMG) studio imprint MILFY, alongside Dan Damage.

Catherine Knight Makes Her Vixen Debut

Catherine Knight has made her Vixen debut alongside Dan Damage.

Andi Avalon Headlines 'Slutty Nurses 3' From Reality Junkies

Andi Avalon toplines the third volume of "Slutty Nurses" from Mile High Media studio imprint Reality Junkies.

TeamSkeet, MYLF to Launch New Website FamilyStrokes.com

Sister studios TeamSkeet and MYLF are launching a new website, FamilyStrokes.com.

AV Watch: Mainstream Exposure, Ofcom Sets a Date

Industry stakeholders and free speech advocates have anxiously been awaiting the Supreme Court’s decision in Free Speech Coalition v. Paxton, which could significantly impact state age verification laws around the country. In the meantime, state legislatures continue to weigh and pass AV bills, AV tech providers continue to tout their services, and legal challenges continue to play out in the courts — with some cases on hold pending the SCOTUS ruling in Paxton.

2025 XMA Creator Awards Nominees Announced

XBIZ is pleased to announce the official nominees for the 2025 XMA Creator Awards, presented by premium creator platform Fansly.

Eve Sweet, Stefany Kyler Front VMG Cross-Site 'In Vogue' Sequel

Vixen Angels Eve Sweet and Stefany Kyler headline the new Vixen Media Group (VMG) cross-site feature "In Vogue 2," which will be released across studio imprints Blacked, Vixen, and Tushy.

Cherie DeVille, Silvia Saige Drop Trailer for New OnlyFans Series

Multi-XMAs winner Cherie DeVille and Silvia Saige have dropped a trailer for their new OnlyFans game show series, “Wankaoke,” premiering May 5.

Anita Rover, Alice Drake Topline Dorcel's 'Wild'

Anita Rover and Alice Drake headline the latest feature from Dorcel, titled “Wild.”

Show More