Joe is a shareholder of XYZ Corporation, an extremely profitable corporation in the software business, and was upset when the directors of the corporation refused to declare a dividend again, ploughing the money back into research and development. Joe sued, along with several other shareholders, claiming that there was no excuse for withholding dividends under these circumstances. Explain the likely outcome.

Case Analysis Questions: For each of the following questions provide a brief fact sheet, legal issues and analysis. (10 points * 3 questions= 30 points)