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ARN Corporation has an opportunity to buy stock in Omega Corporation, which was presented by Director Shyster. Omega Corporation has been a target of ARN
ARN Corporation has an opportunity to buy stock in Omega Corporation, which was presented by Director Shyster. Omega Corporation has been a target of ARN for a potential M&A deal for several years. All of ARN's directors, after a discussion led by Director Shyster at a properly called board meeting, decided that, instead of ARN buying the stock, they will buy it themselves. ARN's directors documented the disclosure of this potential transaction and the board's discussion and decision in the corporate minutes. Yvette, an ARN stockholder, learns of the purchase and wants to sue the board of directors on ARN's behalf.
Can Yvette sustain this lawsuit? If so under what theory or theories?
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