Joseph M. Guido v. Allstates WorldCargo, Inc.
Oct 14, 2004OUTCOME: Majority shareholder prohibited from amending bylaws or certificate of incorporation without consent of remaining board members, effectively stripping majority shareholder of control over the company.
Majority shareholder of Allstates sued to compel company to implement his expansion of the board of directors appointing three new members. The company counterclaimed, asserting that plaintiff and his ... wife attempted to illegally acquire control of the company's board by conspiring to violate the NJ racketeering statute, and by breaching his fiduciary duty by exposing the company to financial ruin and exposing the company to liability for filing false, misleading, or damaging documents with the SEC.
