Delahoussaye v. Newhard

KAROHL, Judge.

Plaintiffs, as shareholders of Cupples Company Manufacturers, appeal dismissal of Counts I & II and summary judgment on Count III of their petition. Plaintiffs sought to enforce individual claims against present directors [Count I] and former directors [Count II] based on allegations the directors violated a fiduciary duty to plaintiffs when they redeemed shares of shareholders who were also officers and directors, but denied plaintiffs’ request to ratably redeem their shares on comparable terms. Count I prayed for a mandatory injunction upon defendants requiring them to…