Cisco Calls Investor Suit 'Wrong Means' For Tackling Diversity
By Dean Seal (May 3, 2021, 8:16 PM EDT) -- Cisco Systems Inc. asked a California federal judge to dismiss a shareholder derivative action accusing it of falling short on its commitments to diversity, saying the "fatally flawed" litigation is not the right way to address issues of inclusion.
The tech giant said Friday that unlike the dozen other derivative actions filed against major public companies in the past year over alleged diversity shortcomings, the retirement fund suing Cisco made a pre-suit demand for the board to investigate its allegations and take remedial actions.
Cisco's directors did so, ultimately concluding that pursuing the fund's claims would be "contrary to the best...
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