Webster v. Steinberg

OPINION

By the Court,

Collins, J.:

This is an appeal from a preliminary injunction pendente lite restraining the convening of the annual stockholders meeting of appellant First Western Financial Corporation. We conclude that injunction is void, reverse the order granting it and remand the action for further proceedings.

Frederick T. Steinberg and M. A. Clemens, stockholders of First Western Financial Corporation, commenced the above action in July, 1967. The action, a derivative suit on behalf of the shareholders of Financial and double-derivatively on behalf of its wholly owned subsidiary, First…