GEORGETOWN, Delaware/SAN FRANCISCO (Reuters) - EBay Inc's former chief executive, Meg Whitman, took the witness stand on Monday 7 December to make the case online classifieds site Craigslist unfairly cut eBay's stake in the company.
EBay sued Craigslist in 2008 for lowering its ownership stake to 24.85 percent from 28.4 percent, causing the e-commerce giant to lose its seat on Craigslist's board.Craigslist sued eBay a month later in San Francisco, saying the larger rival used its board seat to glean information to launch its own classified site, Kijiji, and employed deceptive tactics to direct traffic away from Craigslist's site.
Whitman, who is running for governor of California and took the stand on Monday 7 December, deniedeBay was out to steal Craigslist's secrets. She said eBay had bought shares of Craigslist from disgruntled shareholder Philip Knowlton in 2004 in the hope of ultimately owning the company outright and keeping competitors at bay.
Read more here and you decide who's right or wrong.
The trial, which could last about a week, is being broadcast over Courtroom View Network.
The case is eBay Domestic Holdings Inc v Newmark, et al, Delaware Chancery Court, No. 3705-CC.
The case is eBay Domestic Holdings Inc v Newmark, et al, Delaware Chancery Court, No. 3705-CC.
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