A California federal court dismissed a Michigan pension fund’s diversity suit against Advanced Micro Devices Inc.'s board, saying the plaintiffs failed to prove that the executives knowingly made false statements about the company’s efforts.
The lawsuit by the City of Pontiac Police and Fire Retirement System said that the chip maker’s board and senior executives breached their fiduciary duty and misrepresented the company’s commitment to workforce diversity in several statements because the company had no Black board directors at the time they were made.
Shareholders are typically required to give corporations a chance to remedy alleged wrongdoing through a pre-suit ...
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