9th Circ. Shoots Down Quiksilver Stock Overpayment Suit
Law360, Los Angeles (June 19, 2015, 7:00 PM EDT) -- The Ninth Circuit on Friday dismissed as moot the appeal of a shareholder accusing Quiksilver Inc.’s board of overpaying its directors, repeating the thrust of what the judges said in an upbraiding of the plaintiff’s attorney at oral argument: that the shareholder couldn’t show how she’d been harmed.
The three-judge panel threw out Patricia Stockman-Sann’s 2012 derivative suit alleging the board’s compensation committee had wrongfully approved stock payments to certain board members, noting that many of the issues in her complaint had been corrected by the board after she filed suit.
Because the stock overpayments had already been returned, there was...
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