Torian v. Craig

Justice LEE,

opinion of the Court:

{1 Doug Torian brought suit against his former employer (EnvironMax) and its directors to recover the value of shares he received to offset wages owed to him by the company-shares he claimed were diluted by corporate misdeeds. The district court dismissed Torian's suit on summary judgment, concluding that the claim was derivative in nature and that Torian lacked standing to assert it directly. In so ruling, the court concluded that EvironMax was not a "closely held corporation" subject to an exception to the general rule requiring shareholder suits to be filed…