The link is paywalled so I'll paste the meat of the article. The stuff I snipped out is background stuff. The complaint isn't yet available.
Without knowing the facts and specific allegations, corporations must hold annual meetings and make their books available to minority shareholders under certain conditions, so I imagine plaintiffs (yet more Floreanis) are going to get what they're asking for from the court. This doesn't mean
we'll get to see anything but it's still interesting.
FloSports Hit With Shareholder Suit In Chancery
By
Emilie Ruscoe ·
Law360 (July 6, 2023, 4:47 PM EDT) -- Four stockholders have sued sports streaming company
FloSports Inc. in Delaware's Court of Chancery, seeking corporate books and records and alleging it had been years since they'd gotten financial updates from the company.
FloSports investors MMF Family Partners Ltd., Christina Floreani, Charlene Floreani and John Joseph Williamson launched the action Wednesday. It's currently under seal alongside a motion to expedite the proceedings.
The investors also filed as an exhibit the November 2022 books and records request they sent Austin, Texas-based FloSports, and said in their motion to expedite that they'd sent a follow-up request in June that has since been refused by the company.
"Since 2018, the company has failed to provide the holders with any financial reports or other disclosures," the investors said in their November letter to the company. "Additionally, there have been no shareholder meetings since 2018."
[....]
The investors are represented by Emanuel Grillo of
Allen & Overy LLP and Scott J. Leonhardt of
The Rosner Law Group LLC.
Counsel information for the company wasn't immediately available Thursday.
The case is MMF Family Partners Ltd. et al. v. FloSports Inc., case number 2023-0684, in the
Court of Chancery of the State of Delaware.
--Additional reporting by Leslie Pappas, Brian Dowling and Renee Hickman. Editing by Daniel King.