Judge: Investor Failed To Plead Demand Futility Under Either Prong Of Aronson

Mealey's (January 12, 2017, 2:37 PM EST) -- LOS ANGELES — An investor in a shareholder derivative lawsuit against 17 current and former executive officers and directors of a drug company has failed to show that the defendants were interested in the outcome of the litigation or that their actions were in violation of the business judgment rule under Aronson v. Lewis, a federal judge in California ruled Jan. 10 in granting the company’s motion to dismiss (Judy Durgin v. Kevin Sharer, et al., No. 07-3001, C.D. Calif.)....

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