In a derivative action against a corporation's majority shareholder claiming that defendant misappropriated the company's assets and breached its fiduciary duties to the company and the other shareholders, dismissal of the action is affirmed in part where the action was subject to removal under the Securities Litigation Uniform Standards Act and removal was timely and procedurally proper. However, the order is reversed in part where the district court erroneously gave effect to a Delaware state court injunction.
Argued and Submitted February 10, 2009
Filed October 9, 2009
Opinion by Judge Berzon
James A. Hennefer, San Francisco, CA
Peter A. Wald and David M. Friedman, San Francisco, CA
J. Andrew Heaton, Washington, DC