Cisco Systems (Photo: Jason Doiy/ALM) Can Shareholder Derivative Lawsuits Help Move the Needle on Corporate Board Diversity?
Said Darren Robbins of Robbins Geller: "It seems to me like it fits like a glove."
October 01, 2020 at 07:30 AM
4 minute read
When the boards of Oracle and Facebook were hit with shareholder derivative lawsuits this summer seeking to force both companies to diversify their corporate boards, I thought to myself, "Well, that's interesting."
Frank Bottini of Bottini & Bottini in La Jolla, California, and Louise Renne of Renne Public Law Group in San Francisco paired up in July to file the lawsuit against Oracle calling the company the "the oldest and most egregious 'Old Boy's Club' in Silicon Valley." The suit, brought in the name of the company by an individual shareholder, sought to replace three current members of the company's board with two Black candidates and one additional minority. The Facebook suit, filed solely by Bottini, sought the same board revamp at the social media giant.
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