The California Court of Appeal Oct. 23 affirmed dismissal of a shareholder derivative action under Delaware law against officials of Yahoo! Inc. (Leyte-Vidal v. Semel, , 2013 BL 294386).
Justice Franklin Elia said that the plaintiff failed to show that presuit demand on the board would have been futile in light of defendant director Jerry Yang’s alleged domination of the board. Yang is a co-founder of Yahoo.
The plaintiff filed the suit in July 2009. In his original complaint in the superior court, the court said, the plaintiff asserted various claims based on losses caused by false statements ...
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