JOHNS v. Cheeseman

Opinion by

Mr. Justice Pomeroy,

The appellants are stockholders of the Community Finance Company of Butler (“Finance”), a Pennsylvania corporation engaged in the business of making small loans to consumers. They own approximately 30% of the outstanding stock. On March 8, 1971, they filed a complaint in equity, asserting a stockholders’ derivative action against the corporation, 1 a number of directors of the corporation, and against the estate of W. Carl Cheeseman, the deceased former chief executive officer of the corporation. 2 Preliminary objections in the nature of a demurrer having been…