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California corporation officers ignored my multiple written requests for shareholder information and may confiscate my shares.

Redondo Beach, CA |

I am a physician shareholder in a medical group incorporated in California. Over the past year, the corporation's officers have ignored multiple emails in which I requested the record of shareholders, accounting information and meeting minutes, as specified in Corporations Codes 1600 and 1601. They have already amended the bylaws to make me ineligible to own shares as of 11/1/2013. They may be moving to ask the 30 other shareholders to vote away my eligibility to own shares even sooner, in order to avoid releasing the information I requested. I believe they are hiding something. I need an attorney to enforce my shareholder rights to information, and after we obtain the information, to determine if corporate wrongdoing and damages have occurred.

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Attorney answers 3

Posted

You are correct that now is the time to find an experienced business litigator. While shareholder rights are not nearly as extensive as the rights of Directors, your facts above imply that you are being "stonewalled".

The more documents you can assemble and the better a summary of the facts and your specific goals, the more fruitful you meeting the the attorney can be.

The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.

Asker

Posted

What attorney do you recommend?

Asker

Posted

Feel free to request additional facts or to give me your email address or website.

Michael Charles Doland

Michael Charles Doland

Posted

The correct "form" is for me to refer you to my Avvo profile which has my email. If you click on the photo-icon it takes you to my profile. Respectfully,

Posted

Regarding your rights to see the financial records, that right is virtually absolute. You may go into Court to obtain a Court order compelling the corporation to provide the documentation. Regarding the ability of the Officers to take your shares, it would be necessary to review the by-laws, minutes and operating agreement for the corporation.

I would suggest contacting a business attorney with experience in such matters.

www.CharlesStandardLaw.com

(408) 796-9616

Posted

This appears to be a classic example of minority shareholder oppression. I would suggest you find a qualified attorney that handles these matters. Make sure to carefully screen the attorney. This is not legal advice and should not be construed as such.

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