Derivative Suit Claims Execs and Directors Used Cloud Services Co. to Enrich Themselves Through Sham Acquisitions

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The derivative suit filed in the District of Delaware this week claims the Los Angeles-based company’s board approved acquisitions of companies in which J2’s chairman of the board, co-founder and an executive all had significant financial interests, then failed to disclose specifics that would have shown investors the deals weren’t serving the company’s interests.