The Delaware Court of Chancery has blocked Pfizer Inc. shareholders from access to board-level documents related to the pharmaceutical giant’s handling of some $69 billion in offshore earnings, ruling that the plaintiffs had failed to establish a credible basis for pursuing their books-and-records action.
The Beatrice Corwin Living Irrevocable Trust, which owns 500 shares of Pfizer, made the demand in 2014, after The New York Times published an article that reported Pfizer had not calculated its U.S. tax liability on the funds. The aim of the Section 220 action, the trust said, was to evaluate potential derivative litigation over the board’s alleged failure to comply with accounting rules.
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