Panel: Judge Properly Ruled That Investor Failed To Plead Demand Futility

SAN FRANCISCO - A federal judge in Arizona did not err in dismissing a shareholder derivative lawsuit against an information technology hardware, software and services provider and others for their roles in allegedly concealing a stock options backdating scheme because the shareholder failed to properly plead demand futility, a Ninth Circuit U.S. Court of Appeals panel ruled Nov. 21 (Robert P. Baca v. Timothy A. Crown, et al., No. 10-16718, 9th Cir.; 2011 U.S. App. LEXIS 23268). Full story on lexis.com