Federal Court Applies Delaware Law to Dismiss Shareholder Derivative Claims

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On August 21, 2012, Judge Richard G. Andrews of the United States District Court for the District of Delaware dismissed without prejudice a shareholder derivative action alleging that a corporation's 2010 proxy statement contained false and misleading statements concerning compliance with Internal Revenue Code (IRC) § 162(m).

 

Topics:  Business Judgment Rule, Derivative Suit

Published In: Business Organization Updates, Business Torts Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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