It's very very very rare, I've never actually heard of a case where it's been enacted, though every state has a similar law.
For one, most people don't own 15% of a company without sitting on the board or having close relations as an insider. Two, most people who have that many doubts about a company's financial position just sell, since the stock is headed to a dime (sljb started there, that's the difference)
Three, it's a hostile action, and odds are if that's the only way shareholders can get information, there are going to be some firings on the horizon soon.
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