Shareholder Failed To Show That Presuit Demand On Oil Company Was Excused

Shareholder Failed To Show That Presuit Demand On Oil Company Was Excused

HOUSTON - In a case involving the Foreign Corrupt Practices Act, a federal judge in Texas on March 14 found that the plaintiff in a shareholder derivative lawsuit failed to show that the lack of a pre-suit demand on a board of directors was excused and, thus, dismissed the suit (Douglas Freuler, derivatively on behalf of Parker Drilling Company v. Robert L. Parker, Jr., No. 10-cv-3148, S.D. Texas; 2012 U.S. Dist. LEXIS 34057).

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