Litigation is not risk or cost free. A plaintiff may be responsible for defendant’s fees if they lose. I know folks with millions of shares that do not want to press this kind of case against the board. The problem is that the people with the most shares are current and former BOD members or have already 10X’d their investments as early shareholders.
The BOD is being negligent by continuing to keep Nader as CEO. It is so painfully obvious that Nader is unqualified to lead this company. The BOD is responsible for hiring the appropriate CEO and yet it seems to me that the opposite is true--the BOD seems to work for Nader.
On yesterday's call, Nader referred to how many lives LL has saved in the COVID battle but think about how many people have died because Nader has been unable to secure any kind of approval. Nader has proven his incompetence many times. He has also shown himself to be more worried about enriching himself at the expense of shareholders.
It is time for the BOD to uphold its fiduciary duty to protect shareholder value and replace Nader. If they won't, they need to be sued personally for negligence and replaced.
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