Astrotech Wins Appeal Of Ex-CFO's Derivatives Suit

Law360, New York (February 24, 2014, 7:08 PM EST) -- A Texas appeals court has ruled that a lower court abused its discretion when it found that the former chief financial officer of Astrotech Corp. could conduct discovery despite ruling that he lacked standing to bring a shareholder derivatives suit against the company.

The three-judge panel said in a Feb. 14 ruling that the Travis County court had erred by granting former CFO John Porter the right to take targeted discovery concerning the response of Astrotech’s board of directors to the demand letter he sent to...
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