Legal Opinion
Sole Energy Co. v. Petrominerals Corp.
California Court of Appeal
Decided April 5, 2005No. G031877PublishedCited by 59 opinions
1Opinion of the Court
*218Opinion
FYBEL, J.
Introduction
May putative shareholders recover as damages the corporation’s future profits allegedly lost as a result of tortious conduct directed to the shareholders individually and occurring before the corporation was formed? We conclude, under the facts of this case, any such lost profits belong to the corporation and cannot be recovered as damages by individual shareholders in a nonderivative suit.
The jury returned a verdict against defendants Petrominerals Corporation (Petrominerals) and Daniel H. Silverman in an amount in excess of $20 million on causes of action for…
2Cases cited32 opinions
- Korea Supply Co. v. Lockheed Martin Corp.California Supreme Court · 2003
- Soule v. General Motors Corp.California Supreme Court · 1994
- Clemmer v. Hartford Insurance Co.California Supreme Court · 1978
- Pacific Gas & Electric Co. v. Bear Stearns & Co.California Supreme Court · 1990
- LiMandri v. JudkinsCalifornia Court of Appeal · 1997
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3Cited by59 opinions
- Fladeboe v. American Isuzu Motors Inc.California Court of Appeal · 2007
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- Roy Allan Slurry Seal, Inc. v. Am. Asphalt S., Inc.California Supreme Court · 2017
- Azure Dolphin, LLC v. BartonSupreme Court of North Carolina · 2018
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