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Cisco Faces Suit Over Lack of Diversity in Leadership, on Board

Sept. 23, 2020, 9:26 PM

Cisco Systems Inc. executives publicly misrepresented the company’s status as an industry leader in diversity and inclusion, while failing to hire Black leaders or board members, a shareholder derivative lawsuit filed Wednesday alleges.

The complaint, filed in the U.S. District Court for the Northern District of California, joins similar suits against other Silicon Valley giants including Oracle Inc. and Facebook Inc., which both face claims they breached their fiduciary duty by failing to hire diverse leadership.

Shareholders point to research they say confirms that organizations with greater diversity enjoy greater profitability and create more shareholder wealth.

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