Legal Question in Civil Litigation in Massachusetts
forcing corporation to release records
I am a shareholder in a Mass. corporation that has failed to hold annual meetings, elections, etc. for many years. No financial reports of any kind have been sent to any shareholder and we suspect fraud. The same people have been acting as officers and directors and refuse to answer questions. How do we find out where our money has gone? Can we take action against the officers?
2 Answers from Attorneys
Re: forcing corporation to release records
Corporate meeting records have to be made available to shareholders. Yes, you can take action.
Re: forcing corporation to release records
You and any other similarly disgruntled shareholders may retain an attorney to file a stockholder derivitive action to force the corporate officers to disclose the records and perform any other of their duties of which they have been negligent.