Kevin LaCroix reports two new suits. One against The Gap. The other is against Danaher. The latter has some new wrinkles:
... the Danaher lawsuit is the first filed against a company outside California (Danaher is based in the District of Columbia), and it was filed by a different law firm than the one that had filed all of the prior board diversity suits. The complaint in the Danaher action can be found here.
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The complaint asserts claims against the defendants for breach of fiduciary duty, unjust enrichment, and violation of the federal securities laws. The complaint further asserts that pre-suit demand on the board is excused because there directors are each all implicated in the alleged dereliction of duty. ...
... Up to this point, this board diversity law firm phenomenon looked like a somewhat quixotic quest by a single lawyer acting as a self-appointed agent for board diversity change. The fact that another law firm – and a firm as prominent as the Robbins Geller firm – could suggest that this board diversity lawsuit phenomenon may represent more substantial D&O claim threat than one lawyer’s quest might represent.
