Allen Ex Rel. Allen & Brock v. Ferrera

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• concluding that the trial court did not err by dismissing the plaintiff’s derivative claims pursuant to N.C.G.S. § 1A-1, Rule 12(b)(6)
• holding that alleged wrongful acts by defendants which induced plaintiff to become a shareholder provided a possible basis for individual recovery
• noting that section 55-7-40(b) allowed for a futility exception to the demand requirement where the directors in control of the corporation were alleged of wrongdoing
• the Court of Appeals of North Carolina held that the identical demand statute did not allow for a futility exception
• “Plaintiff contends that the futility exception remains valid law under the present N.C. Gen.Stat. § 55–7–42….However, we have previously held that the enactment of N.C. Gen.Stat. § 55–7–42 abolished the futility exception under North Carolina law.”

Source: CourtListener parenthetical corpus (CC0).