ChinaCast Board Shakeup Delays Annual Meeting

Law360, Wilmington (December 21, 2011, 8:22 PM EST) -- A Delaware judge postponed the annual meeting of ChinaCast Education Corp. on Tuesday to allow shareholders to consider a competing slate of board nominees and get the whole story on the ouster of one of the company’s directors over alleged insider trading.

On Dec. 12, ChinaCast director Ned Sherwood sued the Hong Kong-based company in Delaware Chancery Court, claiming other board members had trumped up allegations of insider trading against him because he refused to rubber-stamp a management-led deal to take the company private.

Sherwood’s adversaries...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.