Stockholders of a corporation may file legal suits based on the unlawful or fraudulent acts of the board of directors, corporate officers or even third persons. Depending on the situation, there are three classes of suits available to a stockholder as a remedy, namely, individual suits, representative or class suits, and derivative suits.
An individual suit is an action brought by the stockholder in his name when a wrong is done to him personally and not to other stockholders or the corporation. An illustration would be when the stockholder is denied his right to inspect the corporate records or his right to dividends.
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