New Mexico Stockholder derivative actions
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FAQ
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.
Breach of Contract & Fraud Additionally, minority shareholders can claim under common law that their investments were induced by a company or its officers and executive by fraud, whether under the common law or under federal and state securities laws.
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.
For example, and amongst other things, the minority shareholder(s) may prevent the company; amending the company's articles of association; disapplying statutory pre-emption rights on a new share issue; and. approving the purchase of a company's own shares out of capital.
The derivative action is the route by which shareholders, usually minority shareholders, are able to enforce the company's rights where directors have breached their duties (since in these circumstances it is unlikely that the directors, who usually act on behalf of the company, will want to take action).
Derivative actions allow minority shareholders to enforce a company's rights when the management, majority shareholders and/or directors, are in breach of their duties.
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.
A shareholder derivative suit is a lawsuit brought by a shareholder on behalf of a corporation against a third party. This third party could be an employee of the corporation, including an executive officer or director.
