Firm Represents Pharmaceutical Company’s Board of Directors in Dismissal of Shareholder Derivative Lawsuit
On September 27, 2019, U.S. District Chief Judge Freda Wolfson of the District of New Jersey dismissed a shareholder derivative lawsuit against our client, the Board of Directors of a Fortune 50 pharmaceutical company. The lawsuit alleged that eleven members of the company’s Board of Directors had violated their fiduciary duties to the organization. The judge dismissed the case, agreeing with the Company’s assertion that, in accordance with the New Jersey Business Corporation Act, the “Plaintiff’s failure to make a pre-suit demand on the board requires dismissal of his Complaint.” The Patterson Belknap team was led by Erik Haas, Joshua Goldberg, and Rachel Sherman.
To read press on the decision, click here.
To read the decision, click here.