You must have fallen asleep during Corporations in law school. You think any investors here would allow that to happen without a lawsuit? If the CEO has a 51% controlling interst of the coropration, he has a fiduciary duty to act in the interests of the minority shareholders. Ergo, if the stock tanks because of the actions of the board (be it one member or a kabal of 3), and then the director buys out the shares at an artifically generated low price, it would be a breach of the fiduciary duties of loyalty and good faith. In addition, I believe in the state of Texas, Directors cannot be indemnified for a breach of loyalty. Doesnt matter if there is one director, or a dozen, he, or they, cannot sink the stock for their own benefit.
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