LOM Medical Shareholders Lose Bid For New Board Election

Law360, Wilmington (September 19, 2013, 11:05 PM EDT) -- A Delaware chancery judge on Thursday declined to order a special election to fill recent board vacancies at Canadian medical device developer L.O.M. Medical International Inc., denying a bid made by shareholders under a seldom-seen section of state law.

Three of L.O.M. Medical's five directors resigned earlier this year and shareholders hoping to select their replacements directly filed suit under Section 223(c) of the Delaware General Corporation Law, which allows stockholders owning at least 10 percent of a company to seek a special meeting when only...
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