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Anytime you have this much cash flinging around, lawsuits tend to emerge. So, it’s not a surprise that just a few days after Google announced its intentions to buy Motorola Mobility for $12.5 billion that the lawyers have sprung into action. A shareholder suit has been filed in Chicago against both Motorola and Google which essentially says that the price tag just wasn’t high enough for the smartphone maker.

“The offered consideration does not compensate shareholders for the company’s intrinsic value and stand-alone alternatives going forward, nor does it compensate shareholders for the company’s value as a strategic asset for Google,” said investor John Keating, according to a Bloomberg Report.

What’s wild about the claim is that Google paid a 63 percent premium to get Motorola. Keating, who is seeking class-action status for the lawsuit, said in the suit that Motorola was undervalued in part because Android continues to gain ground on Apple’s iPhone.

And Keating isn’t the only one who thinks the deal is bad.

Stephen Elop, the former Microsoft exec who took over the helm of Nokia earlier this year, also sees “danger ahead.”

“If I happened to be someone who was an Android manufacturer or an operator, or anyone with a stake in that environment, I would be picking up my phone and calling certain executives at Google and say ‘I see signs of danger ahead,'” Elop said at a seminar on Wednesday.

Meanwhile, changes continue to occur at Motorola, with news today that investment banker William Hambrecht has stepped down from the board of Motorola. No reason was given for the departure, though Hambrecht approved the deal and said that he was “delighted with the transaction.”

And here’s an interestingly analysis from TechCrunch, which reports that Google’s market value has sunk more than $17.4 billion since the deal was first announced. So, it looks like there are a few Google shareholders who don’t like the deal either.

Just imagine if the search giant paid what Keating wanted?

Previously on GeekWire: Google, Motorola, and Microsoft’s role in one of the strangest tech deals ever

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