b) Plaintiff did not make any demand on the JBI Board to institute this action because such a demand would have been a futile, wasteful and useless act, since a majority of the Board – comprised of defendants Bordynuik, Smith, and Wesson – signed off on and published the incorrect valuation figures for the Media Credits contained in the 10-K even though they knew or should have known that the valuation of the Media Credits did not conform to GAAP. Accordingly, there is a substantial likelihood that defendants Bordynuik, Smith, and Wesson will be held liable in connection with the complained of activities.
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