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Donnelley executives are sued

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A new shareholders lawsuit accuses the top executives of yellow pages publisher R.H. Donnelley of misleading investors.

CEO David Swanson and two other executives at Donnelley, which filed for Chapter 11 bankruptcy in May, are accused in the lawsuit of making false statements and/or failing to disclose adverse facts in order to keep the company's stock price artificially high.

The lawsuit, filed in federal court in Delaware, asks to be certified as a class action suit representing shareholders who purchased Donnelley stock between July 26, 2007 and May 28 of this year.

Mike Truell, a spokesman for the Cary-based company, said the allegations are without merit and will be "vigorously defended."

Donnelley is on track to emerge from bankruptcy at the end of January.

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About the blogger

David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or e-mail him.