Tampa Shareholder Derivative Lawsuit Attorneys
A shareholder derivative lawsuit is a lawsuit that a corporation’s shareholder brings on behalf of the corporation against a third party. The management of a corporation is normally responsible for bringing and defending lawsuits on behalf of the corporation, but the shareholder derivative lawsuit procedure allows a shareholder to bring a lawsuit on behalf of the corporation under certain circumstances when the management of the corporation fails or refuses to initiate a lawsuit for the corporation. The most common reason that the management of a corporation would fail or refuse to pursue a meritorious lawsuit on behalf of a corporation is that the lawsuit involves allegations of harm or wrongdoing committed by officers, directors and/or other insiders of the corporation. Thus, the most common use of a shareholder derivative lawsuit is to redress harm done to the corporation (and, derivatively, to the various shareholders’ interests in the corporation) by one or more officers, directors or other insiders. The cause of action most often pursued in a shareholder derivative lawsuit is breach of fiduciary duty by one or more of these officers, directors or other insiders.
Because of the nature of the claims involved, a shareholder derivative lawsuit often involves the application of the law of the state in which the corporation was formed. This is not always the same state where the corporation is located or headquartered, as a corporation may be incorporated in one state and located in another state. Different states have different laws governing the relationship between a corporation and its officers and directors, and different laws governing the standing and other procedural prerequisites for filing a shareholder derivative lawsuit.
At Older, Lundy & Alvarez, our Tampa shareholder derivative lawsuit practice involves the representation of corporate shareholders, officers, inside directors and outside directors, as well as the representation of the interests of the corporation, itself. We have significant experience in litigating shareholder derivative lawsuits under Florida law, as well as under the laws of other states, most notably Delaware and Nevada. We zealously represent shareholders harmed by the fraud, mismanagement, and self-dealing of the persons entrusted to manage and oversee the company. We are equally zealous in defending our officer and director clients against claims alleging fraud, mismanagement, and self-dealing.
Get the Help You Need to Resolve Shareholder Derivative Disputes
Older Lundy & Alvarez welcomes the privilege to serve you or your business. Schedule an appointment with our team of skilled and dedicated Tampa shareholder derivative litigation attorneys by calling 813-254-8998, or contact us online to schedule your consultation.