this post was submitted on 01 Aug 2024
326 points (99.1% liked)
Technology
59605 readers
3394 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Why should shareholders get to sue anybody?
They invested and supported a company that caused this. They didn't do their due diligence and made bad investments based solely off what they were told they could financially GAIN.
This is not the ideal outcome of investing, and it is entirely their own fault.
I'd like to sue the shareholders for enabling such malfeasance. A class action suit with several billion cosigners. Fuck these leeches.
Because companies have a feduciary duty to their shareholders and this is how it's enforced.
Yes fiduciary duty to the shareholder is sometimes misunderstood but this is in scope.
Everything can be securities fraud:
https://archive.is/p2YHV
Or:
https://www.bloomberg.com/opinion/articles/2019-06-26/everything-everywhere-is-securities-fraud
Loginwall
Literally, you invest on good the idea a company will operate within your interests. This going as south as it did was the opposite of the interests of investors. They have a right the same as companies using the the product.
Allowing that is a great way to legalize stealing investor money.
If the company fails the investors get nothing, but it still has a feduciary duty to them.
The shareholders in question suing are a public employee retirement fund. I wouldn't exactly consider retired sanitation workers and bureaucrats societal leeches, but to each their own I guess.