News Corp. and Murdoch Face More Accusations at Shareholder Meeting

In anticipation of Friday's annual News Corporation shareholder meeting in Los Angeles, an attending Parliament member has threatened to hurl more accusations at the embattled company.

The Labour Party's Tom Watson, who's led the phone-hacking investigation in the U.K., spoke with reporters on Thursday, and the New York Times reports he has shareholder proxy to attend the meeting.

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“You’ve got a $32 billion transglobal media empire that is currently being run like a dysfunctional family firm,” Watson said. "I don’t think investors have been given the full picture, and that’s really why I’ve decided to come out here.”

Watson's proxy permits him to ask Murdoch questions during the meeting, like any other shareholder, and cast a vote on the company’s leadership -- namely for or against chairman and chief executive Rupert Murdoch.

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This news comes after a Wednesday hearing in London that raised questions about testimony given by Murdoch's son and the company's deputy CEO James Murdoch. Watson insists that the investigation isn't just about phone hacking and that News Corp. faces criminal charges from bribing police officers.

Watson didn't add any other specifics, only saying he plans to "save" some of the additional accusations for the meeting.