“DiPhilipo and Barovic issued separate demands on the Board to investigate and commence an action against certain current and/or former directors and executive officers of the Company. Plaintiffsâ€™ demands were substantially identical and were reviewed by a Demand Review Committee (the â€œDRCâ€) consisting of Individual Defendants Luczo and Dublon. Based on the recommendation of the DRC, assisted by independent counsel, the Board of Directors refused their respective demands by letters dated January 28, 2014.
7. Plaintiffs initiated the Action in this Court on behalf of Microsoft on April 11, 2014. Plaintiffs alleged that the Demands were wrongfully refused and asserted claims under Washington law on behalf of the Company against Defendants for breach of fiduciary duty, unjust enrichment, abuse of control, and gross mismanagement. The Company and the Individual Defendants subsequently moved to dismiss the Action, both under Fed. R. Civ. P. 23.1 and under Fed. R. Civ. P. 12(b)(6). On December 10, 2014, the Court issued an order denying Microsoftâ€™s and the Individual Defendantsâ€™ motions to dismiss Plaintiffsâ€™ complaint.
8. On May 1, 2015, Microsoft filed a Motion for Summary Judgment (the â€œSJ Motionâ€). Plaintiffs have opposed the SJ Motion, which was pending before the Court at the time that the proposed Settlement was reached by the Parties.
9. On October 28, 2015, the Parties entered into the Stipulation setting forth the terms and conditions of the proposed Settlement. On November 24, 2015, the Court entered a Preliminary Approval Order in connection with the Settlement which, among other things, preliminary approved the Settlement, authorized this Notice to be provided to Current Microsoft Shareholders, and scheduled the Settlement Hearing to consider whether to grant final approval of the Settlement.”
See EX-99.1Chuckle. When M$ was caught in the cookie jar again, violating EU regulations and their commitments to be good, shareholders sued to force M$ to be good. How embarrassing! M$ prefers to hide dirty laundry in the back rooms and under Nondisclosure Agreements (NDA). The dinosaur will have to learn to live in a more open society or die.
I know this is old news but it’s a slow day, too. 😉