Kansas Sample Letter regarding Motion to Dismiss on Shareholder Derivative Claims
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How to fill out Sample Letter Regarding Motion To Dismiss On Shareholder Derivative Claims?
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FAQ
Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future fiduciary misconduct, the removal of officers or directors whose misconduct injured the corporation, monetary payments to remedy damages incurred by the company, and repayment of funds obtained illegally.
Make a demand in writing requiring the corporation to take suitable action before the action (Generally, a derivative suit can only be filed 90 days after written demand. But it may be initiated ahead of time if a) the corporation rejects the demand, or b) the corporation will suffer irreparable harm if they wait).
A derivative action is brought by a shareholder on behalf of the company; this means that if a derivative action is successful, any damages awarded are awarded to the company and not the shareholder(s) who brought it.
A shareholder (stockholder) derivative suit is a lawsuit brought by a shareholder or group of shareholders on behalf of the corporation against the corporation's directors, officers, or other third parties who breach their duties. The claim of the suit is not personal but belongs to the corporation.
The derivative action is a remedy for a wrong committed to the company itself, as opposed to the oppression remedy which relates to a wrong to the individual shareholders in their capacity as shareholders. For information about the oppression remedy see the Oppression Remedies section in this website.
Derivative claim remedies Damages payable to the company from the director(s) held to be at fault. An injunction to prevent the director(s) at fault against taking any further unlawful action/committing any further breaches. The setting aside of transactions which have personally benefitted the director(s) at fault.
Pursuing a Derivative Action Shareholders must have been owners at the time of alleged improper conduct; Shareholders must prove they will fairly represent the interests of the company; and. Shareholders must formally demand, in writing, the company's board take action on the basis of suspected misconduct.
If a shareholder wins a derivative suit, the corporation can undergo higher share prices. This often results in higher dividends to shareholders. Derivative suits are necessary because the board of directors are the primary operators of the corporation.
