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RICH EX REL. FUQI INTERN. v. YU KWAI CHONG

Civil Action No. 7616-VCG.

66 A.3d 963 (2013)

George RICH, Jr., Derivatively on Behalf of FUQI INTERNATIONAL, INC., Plaintiff, v. YU KWAI CHONG, Ching Wan Wong, Lie Xi Zhuang, Lily Lee Chen, Eileen B. Brody, Victor A. Hollander, and Jeff Haiyong Liu, Defendants, and Fuqi International, Inc., Nominal Defendant.

Court of Chancery of Delaware.

Decided: April 25, 2013.

Attorney(s) appearing for the Case

Paul A. Fioravanti, Jr. and Tanya E. Pino, of Prickett, Jones & Elliot, P.A., Wilmington, De; of Counsel: Eric L. Zagar, Robin Winchester, and Justin O. Reliford, of Kessler Topaz Meltzer & Check, LLP, Attorneys for Plaintiff.

John L. Reed and Scott Czerwonka, of DLA Piper LLP, Wilmington, DE; OF COUNSEL: Robert Brownlie and Jennifer A. Lloyd, of DLA Piper LLC, Attorneys for Defendants and Nominal Defendant.

OPINION

GLASSCOCK, Vice Chancellor.

I. OVERVIEW

The Plaintiff here, a stockholder, made a demand to the Defendant corporation, asking the corporation to prosecute claims against its officers and directors for violating their Caremark duties. The individual Defendants not only failed to respond to the demand over the next two years, but allegedly took actions making a meaningful response to the demand unlikely if not impossible. Under...

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