Last year Deutsche Telecom attempted to unload T-Mobile in a merger with AT&T, only to see that fall through. Now it seems that the T-Mobile and MetroPCS reverse merger might be in danger as well.

A new lawsuit has been filed against MetroPCS, T-Mobile, the MetroPCS board, and Deutsche Telekom. Who is behind the lawsuit? Apparently MetroPCS shareholders that feel the deal isn’t in their best interest.

Under the terms announced with the merger, stock holders would see a payout of $1.5 billion, or about $4.08 per stock. Besides this payout, they would also get 26 percent of the stock from the new merger. These shares are valued around $12.48. Combining these two numbers, that’s $16.56. The shareholders argue that MetroPCS stock is worth easily up to $18 each and that they are being cheated out of money. They are basing this argument on when stocks hit as high as $18.69 in May of 2011.

This is clearly an unforeseen bump in the road in what was otherwise a smooth process up until now.  While it is likely that T-Mobile and MetroPCS will be able to reach some kind of agreement with shareholders, it is hard to say if this could delay the merger further or not.