Attempt to buy additional stock from other stockholders

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Reference no: EM13982795

Two shareholders of Bruce Co., Harry and Yolan Gilbert, were fightging management for control of the company. They asked for permission to inspect Bruce's stockholder list so they could either solicit support for their slate of directors at the upcoming stockholder meeting, attempt to buy additional stock from other stockholders, or both. Bruces board refused to allow the Gilberts to see the shareholder list on the grounds that the Gilberts owned another corporation that competed with Bruce. Do the Gilberts have the right to see Bruces shareholder list? Argument for the Gilbert: If shareholders of a company have a proper purpose, they are entitled to inspect shareholder lists. Soliciting votes and buying stock are both proper purposes. Argument for Bruce: The Gilberts are simply offer in a pretext. They could use this information to compete against the company. No shareholer has the right to cause harm.

Reference no: EM13982795

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