Shareholder Derivative Suits Attorney in Dallas
Holding Corporate Boards and Officers Accountable Internationally
If you’re a shareholder of a company, you may be one voice of a few or even hundreds of thousands involved in a corporation. In any case, you and your fellow investors likely elected a corporation’s board of directors to manage the company’s interests and select its chief officers.
Shareholders place a lot of trust and investment in these people, which is why it’s important that they can find legal recourse should these entrusted people act out of accord with the law or in their self-interest. Wcislo Law Group, PLLC can help investors all over the world hold corporate board members and officers accountable for a variety of conduct.
What is a Shareholder Derivative Suit?
A shareholder derivative suit is a lawsuit by a shareholder on behalf of a corporation. It’s used in the event where a company’s board of directors or officers will not try to pursue legal action themselves. An example is where another member of the board is harming the company, but the directors do not wish to sue themselves. Though typically shareholders don’t have much say in what happens in the company’s day-to-day, in these circumstances they are allowed to file a lawsuit.
Investors might want to legally intervene if corporate board members or officers are engaging in:
- Wrongful Sale of Corporate Control
- Breach of Fiduciary Duty
- Fraudulent Behavior
These are just a few of the common grounds that a shareholder derivative suits attorney in Dallas can cite to help investors. If a corporate official is taking advantage of investors’ assets for personal gain, reach out to Wcislo Law Group, PLLC for help.
What Are The Legal Requirements To File A Shareholder Derivative Suit?
To file a shareholder derivative suit, certain legal requirements must be met. As Dallas shareholder derivative attorneys at Wcislo Law Group, we specialize in guiding clients through this complex process.
Legal Requirements:
- Standing: Only shareholders who owned shares at the time of the alleged wrongdoing and continue to hold them throughout the litigation have standing to file a derivative suit.
- Demand Requirement: Shareholders must typically make a formal demand on the company's board of directors to address the alleged misconduct before filing the suit. This step can sometimes be bypassed if it can be shown that making the demand would be futile.
- Verification: The complaint must be verified, meaning the shareholder must confirm under oath that the allegations are true to the best of their knowledge.
- Best Interest of the Company: The plaintiff must demonstrate that pursuing the lawsuit is in the best interest of the company, not just the individual shareholder.
- Court Approval: Some jurisdictions require preliminary court approval before proceeding with the lawsuit.
Our experienced shareholder derivative lawyers in Dallas can assist you in understanding these requirements and determining the best course of action for your case. Contact Wcislo Law Group for personalized legal advice.
Protect Your Rights as a Shareholder
As a shareholder in a corporation, it's important to understand your rights and responsibilities. Shareholder derivative suits are legal actions brought by shareholders on behalf of the corporation against corporate officers, directors, or third parties for wrongdoing or misconduct that has harmed the company.
Our experienced Dallas attorneys at Wcislo Law Group specialize in representing shareholders in derivative suits to hold corporate boards and officers accountable for their actions. Whether you suspect fraud, mismanagement, or breach of fiduciary duty, we can help you seek justice and protect your investment.
By taking legal action through a shareholder derivative suit, you can:
- Hold corporate leaders accountable
- Recover financial losses for the corporation
- Protect the interests of all shareholders
- Promote corporate governance and transparency
Contact our firm online or call (214) 740-6160 to reach out to an international attorney who can help shareholders like you.
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