DOVER, Del. — A Delaware judge on Tuesday dismissed a shareholder lawsuit asserting novel claims about the roles of corporate leaders and arguing that the loyalties of Meta directors and company founder Mark Zuckerberg should not lie exclusively with the social media giant.
In a 101-page opinion citing court rulings dating back more than 200 years, decades of law review articles and legal treatises, and even a Sherlock Holmes short story, Vice Chancellor J. Travis Laster rejected McRitchie’s claims. “The plaintiff has not made a persuasive case for change,” Laster wrote. “At most, he has shown that some academics — primarily from the law and economics school — have assumed that a diversified-investor model is the norm. He has also shown that some investor advocacy organizations would prefer that model.
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