Board Diversity Claims In Derivative Lawsuit Lack Proper Pleading Elements

(March 18, 2022, 9:12 AM EDT) -- OAKLAND, Calif. — A federal judge in California on March 1 granted a pair of dismissal motions filed by technology company Cisco Systems Inc., its CEO and current and former members of its board of directors in a shareholder derivative lawsuit alleging that the defendants breached their fiduciary duty and violated federal securities law by failing to hire African Americans in senior leadership roles within the company, ruling that a shareholder has failed to plead the necessary elements of each of its claims....