Revolutionary Concepts Inc (fka REVO)

[Krysti]

Legal action by shareholders is unlikely, Samurai.

Legal action takes too long, costs too much, and, ultimately, brings little benefit to shareholders.

The 'deal' with Eyetalk365 is a clear case of self-dealing by the REVO directors, in breach of their fiduciary duty to the company.

The question is whether it is worth the time, effort and expense for shareholders to take this to court?

Here's an extract from a useful article:

“in North Carolina, directors of a corporation are required to act in good faith, with due care, and in a manner they reasonably believe to be in the best interests of the corporation.” When a director breaches these fiduciary duties, a shareholder may “sue the offending director,” but must do so in a derivative action and any damages recovered “flow back to the corporation, not to the individual shareholders bringing the action.”

Source: http://www.directorscenter.com/director-fiduciary-duties-owed-corporation-shareholders/

So, even if you win, the proceeds go to a company which is controlled by the people your action was aimed against!