Shareholders sue company founded by Darrell Issa

Shareholders of DEI Holdings, a consumer-electronics company founded in 1982 by Rep. Darrell Issa, are suing every member of the corporation's board of directors except Issa to stop a proposed $285-million merger.

In the class-action complaint, attorneys for the plaintiffs claim that the DEI board is undercutting shareholders by selling the company's stock at an undervalued rate to Boston-based private equity firm, Charlesbank Capital Partners. 

Issa cashed out of DEI awhile back, but remains a director.

The suit was originally filed in San Diego County Superior Court, but was removed to U.S. District Court on Monday. It's pretty dry reading, but you can download the filings here:

Notice of removal.

Exhibit A.

Exhibit B. 

Issa made his wealth through DEI's electronics products (most famously, the "Viper" car alarm system). According to personal financial disclosures that became public today, Issa is now worth almost $300 million, Roll Call reports.