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POGOSTIN v. RICE

480 A.2d 619 (1984)

Bernard POGOSTIN, Ann Brown and Irwin J. Newman, Plaintiffs Below, Appellants, v. W. Thomas RICE, Eliot H. Stein, Fred Sullivan, A. Lightfoot Walker, Arthur C. Babson, Francis L. Cappaert, Edwin I. Hatch, Peter C. Huang, George T. Scharfenberger, Joe E. Lonning, Daniel E. Lyons, Stephen E. O'Neil, Eben W. Pyne, John H. Washburn and City Investing Company, Defendants Below, Appellees.

Supreme Court of Delaware.

Decided: June 21, 1984.

Attorney(s) appearing for the Case

Victor F. Battaglia, Samuel R. Russell, Biggs & Battaglia, Wilmington; Mordecai Rosenfeld (argued) Mordecai Rosenfeld, P.C., New York City, for appellants.

R. Franklin Balotti, Richards, Layton & Finger, Wilmington; Max S. Schulman, (argued) Cravath, Swaine & Moore, New York City, for individual appellees.

H. Murray Sawyer, Jr., H. Murray Sawyer, Jr., P.A., Wilmington, for appellee City Investing Company.

Before McNEILLY, MOORE and CHRISTIE, JJ.

MOORE, Justice:

This stockholder derivative suit, brought on behalf of City Investing Company ("City"), was dismissed by the Court of Chancery for plaintiffs' failure either to make a demand upon City's board of directors for appropriate corrective action, or to allege with particularity that demand was futile, pursuant to Del.Ch.Ct.R. 23.1.1 The defendants are City and its board of directors...

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