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GAGLIARDI v. TRIFOODS INTERN., INC.

Civil Action No. 14725.

683 A.2d 1049 (1996)

Eugene D. GAGLIARDI, Jr., Plaintiff, v. TRIFOODS INTERNATIONAL, INC., et al., Nominal Defendant, G.J. Hart, Frank A. Adams, Grotech Capital Group, Inc., Grotech Partners II, L.P., Grotech Partners III, L.P., Grotech Partners IIID, L.P., Grotech Partners IIIC, L.P., Don J. Casturo, Point Venture Associates, L.P., Point Venture Partners Pennsylvania, L.P., and Brian Fleming, Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: July 19, 1996.

Attorney(s) appearing for the Case

James G. Wiles, Law Offices of James G. Wiles, New Castle, for Plaintiff.

R. Franklin Balotti, Daniel A. Dreisbach, and Luke E. Dembosky, of Richards, Layton & Finger, Wilmington, for Defendant G.J. Hart.

Collins J. Seitz, Jr., of Connolly, Bove, Lodge & Hutz, Wilmington, for All Defendants except G.J. Hart.

OPINION

ALLEN, Chancellor.

Currently before the Court is a motion to dismiss a shareholders action against the directors of TriFoods International, Inc. and certain partnerships and individuals that own stock in TriFoods. In broadest terms the motion raises the question, what must a shareholder plead in order to state a derivative claim to recover corporate losses allegedly sustain by reason of "mismanagement" unaffected by directly conflicting financial...

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