Fleisher v. West Jersey Securities Co.
New Jersey Court of Chancery
On bill to compel -directors of a corporation to account for secret profits and for dividends unlawfully declared. On hearing on demurrer to the bill.
1Opinion of the Court
Leaming, V. C.
The bill filed herein has been demurred to as multifarious. By the bill recovery is sought from the defendant directors of defendant corporation for two classes of items. One class comprises secret profits which the directors are alleged to have made by wrongfully causing defendant company to purchase certain securities in which defendant directors were personally interested. It is obvious that the primary injury resulting from conduct of that nature is to the defendant corporation. As a stockholder has no estate, legal or equitable, in the corporate property which has been…
2Cited by3 opinions
- Richland v. CrandallDistrict Court, S.D. New York · 1967
- Kron v. Trenton Automotive Collateral Co.New Jersey Court of Chancery · 1924
- Shonnard v. Elevator Supplies Co., Inc.New Jersey Court of Chancery · 1932