NortonLifeLock Inc. is free for now of a derivative suit alleging its leadership made materially misleading statements about its commitment to diversity, but a federal judge in California will allow the shareholder to try again.
The shareholder didn’t make a required demand on the software company’s board before suing or explain why doing so would have been futile, and even if they had, “the complaint here simply does not plausibly plead an actionable false statement,” the U.S. District Court for the Northern District of California said.
“Without questioning that there may be systemic under-representation in corporate boardrooms, or plaintiff’s ...
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.