Alexander v. Sturkie

OPINION

O’NEILL, Justice.

This is an appeal from a summary judgment in favor of appellees in a shareholders’ derivative suit. Because material fact issues exist regarding the existence of a corporate opportunity, we reverse and remand.

I. THE ISSUE

The dispute in this case arises out of a series of stock purchases by which appellee, John D. Sturkie (“Sturkie”), gained a controlling interest in Quality Electric Steel Castings, Inc. (“Quality”). The petition alleges that appellees wrongfully acquired company stock by (i) diverting corporate funds and assets to fund the acquisition, (ii)…