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MATTER OF WOOLWORTH CORP. S'HOLDER DERIVATIVE LITIG.

240 A.D.2d 189 (1997)

658 N.Y.S.2d 869

In the Matter of Woolworth Corporation Shareholder Derivative Litigation. Moise Katz et al., Appellants; Wool-Worth Corporation, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

June 5, 1997

Plaintiffs' allegations are insufficient to establish with particularity that the subject corporation's Board would not have been responsive to a Business Corporation Law § 626 (c) demand to take action with respect to the challenged accounting irregularities, where most of plaintiffs' allegations track the publicly disseminated report issued by a Special Committee set up by the Board itself to investigate these irregularities, in response to which the Board took remedial...

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