Following two other lsuits filed by Emmis Communications shareholders in county court to block the proposed plan to take Emmis private, a new suit with the potential for class action status has been filed. The latest one, filed in U.S. District Court in Indianapolis claims Emmis founder Jeffrey Smulyan and the Emmis board of directors are “breaching their fiduciary duty to all of the shareholders by selling Emmis stock to companies controlled by Smulyan at prices that may be far too low,” according to the Indianapolis Star newspaper. The suit says the premium for shareholders will only be a gain of about five percent, far less than the average of well over 40% of other more recent business mergers and acquisitions. Emmis based its $2.40 a share price on earlier trading ,and said it represented a fair premium. Follow trading in “EMMS” here.