Del. Court Won't Toss Board Election Shareholder Suit

Law360, Wilmington (August 20, 2012, 8:08 PM EDT) -- A Delaware state judge on Friday refused to dismiss a shareholder suit questioning the validity of a board election at a Canadian medical-device developer, saying written consents in favor of the challenged directors could not ratify an event the plaintiffs claim never took place.

A group of 25 individual shareholders of L.O.M. Medical International Inc. filed suit under Section 225 of the Delaware General Corporation Law — which allows the Chancery Court to validate the election or removal of officers and directions — claiming the stockholders'...
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