Elenson v. Wax

In an action to recover damages, inter alia, for breach of contract, conversion, and corporate waste, the plaintiffs appeal from an order of the Supreme Court, Nassau County (Yachnin, J.), dated April 9, 1993, which granted the defendants’ motion to dismiss the complaint.

Ordered that the order is affirmed, with costs.

It is axiomatic that a shareholder has no individual cause of action to recover damages for a wrong against a corporation, even if that shareholder loses the value of his investment or incurs personal liability in an effort to maintain the solvency of the corporation (see, Abrams…