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In re Kraft Heinz Company Derivative Litigation
C.A. No. 2019-0587-LWW (Del. Ch. Dec. 15, 2021).
The following derivative claim was brought by shareholder's after the company, Kraft Heinz, removed the selling restriction of company stock owned by 3G, and 3G sold 7% of its total stake (millions of dollars). Earning were announced shortly after and the stocked dropped 10% and another 27% the following quarter. Think about the personal relationships and mixed investments of the directors here. How does personal wealth affect independence and the materiality threshold? If you do not beholden to a man/woman you work for that also walks you down the aisle at your wedding (not your father/mother), then who are you beholden to?
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