A divided Missouri Court of Appeals Nov. 28 reinstated a shareholder derivative suit over alleged stock options backdating and related financial reporting flaws by officials of furniture component manufacturer Leggett & Platt (New England Carpenters Pension Fund v. Haffner).
Writing for the majority, Judge William Francis determined that plaintiff New England Carpenters Pension Fund’s petition “adequately pled the futility of pre-filing demand such that it had ‘standing under Rule 52.09 to bring and pursue the underlying case.’ ”
That Missouri rule governs the procedures for making a demand on a corporation and its shareholders prior to filing a shareholder ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.