Los Angeles-based Univision Communications Inc. is facing two shareholder lawsuits aimed at blocking acquisition of the nation’s largest Spanish-language broadcaster by an investor group led by billionaire Haim Saban.

Univision’s board of directors on Monday approved Saban’s $12.3 billion bid. By announcing the agreement three days before a June 30 preliminary second-quarter earnings report, the company denied shareholders the full value of their investment, claims a suit filed Wednesday in Los Angeles County Superior Court by shareholder Spencer Abrams.

“The proposed acquisition is the product of a hopelessly flawed process that was designed to ensure the sale of Univision to one buying group, and one buying group only, on terms preferential to the buying group,” the suit said. Abrams is seeking class action status for his suit.

A second shareholder suit, filed Tuesday in Los Angeles Superior Court, also claims Univision failed to give adequate consideration to competing offers.

Univision has not yet commented on the suits.