Lead Plaintiffs Failed To Plead Demand Futility In Shareholder Derivative Suit
(August 30, 2016, 1:21 PM EDT) -- OAKLAND, Calif. — A federal judge in California on Aug. 26 granted a motion to dismiss filed by defendants in a shareholder derivative lawsuit, ruling that the lead plaintiffs lacked standing to bring their claims and failed to properly plead demand futility pursuant to the Delaware Supreme Court’s ruling in Rales v. Blasband (In re Rocket Fuel Inc. Derivative Litigation, No. 15-4625, N.D. Calif.; 2016 U.S. Dist. LEXIS 115023).
(Order available. Document #57-160919-001R.)
Lead plaintiffs Victor Veloso, Hugues Gervat, Michael McCawley and William Pack filed a...