this post was submitted on 01 Aug 2024
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Why should shareholders get to sue anybody?
They invested and supported a company that caused this. They didn't do their due diligence and made bad investments based solely off what they were told they could financially GAIN.
This is not the ideal outcome of investing, and it is entirely their own fault.
I'd like to sue the shareholders for enabling such malfeasance. A class action suit with several billion cosigners. Fuck these leeches.
Because companies have a feduciary duty to their shareholders and this is how it's enforced.
Literally, you invest on good the idea a company will operate within your interests. This going as south as it did was the opposite of the interests of investors. They have a right the same as companies using the the product.
Allowing that is a great way to legalize stealing investor money.
If the company fails the investors get nothing, but it still has a feduciary duty to them.
Yes fiduciary duty to the shareholder is sometimes misunderstood but this is in scope.
Everything can be securities fraud:
https://www.bloomberg.com/opinion/articles/2019-06-26/everything-everywhere-is-securities-fraud
Loginwall
The shareholders in question suing are a public employee retirement fund. I wouldn't exactly consider retired sanitation workers and bureaucrats societal leeches, but to each their own I guess.