Housman v. Albright

The plaintiffs, Louie Housman and Albert Johnson, Jr., appeal from an order of the circuit court of Alexander County dismissing the shareholders’ derivative complaint that they filed against the defendants, Dana Albright, Deborah Guetterman, David Jackson, and Geoffrey Smith, the president of the board of directors and the chief executive officer of Waterfront Services Company (Waterfront), in their capacities as Waterfront’s board of directors (Board). For the following reasons, we reverse the circuit court’s dismissal of the plaintiffs’ complaint and remand for further proceedings…