After the Delaware Supreme Court granted corporations a license to steal from investors, Alibaba wasted no time including this get out of jail free card in its record-breaking IPO – without disclosing to potential shareholders. Now, Senator Richard Blumenthal is calling on SEC Office of Investor Education and Advocacy to protect investors by ending Corporate America’s ability to unilaterally amend bylaws in order to eliminate investors rights. As Sen. Blumenthal wrote of the Delaware decision: “The potential ramifications from this decision are immense. No rational investor, even with significant financial interests at stake and when presented with clear evidence of corporate misconduct, will brave litigation when the corporate defendant can force the investor to face financial ruin unless he substantially wins on every point.” Read his press release here: ow.ly/DAxBf
Posted on: Thu, 30 Oct 2014 21:00:01 +0000
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