a lawsuit brought by a corporation shareholder against the directors, management
and/or other shareholders of the corporation, for a failure by management. In effect,
the suing shareholder claims to be acting on behalf of the corporation, because
the directors and management are failing to exercise their authority for the benefit
of the company and all of its shareholders. This type of suit often arises when
there is fraud, mismanagement, self-dealing and/or dishonesty which are being ignored
by officers and the board of directors of a corporation.
See also corporation director shareholder stockholder
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