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Претензия по акционерному спору (Shareholder Dispute)
Досудебное требование по нарушению прав миноритарных акционеров: dilution, oppression, breach of fiduciary duty, denial of information rights, forced buyouts. Защита прав shareholders по Delaware и California corporate law.
10-30% Типичная minority stake
Fiduciary Duty Core protection
Delaware/CA Typical governing law
📄 Обзор споров 📝 Шаблоны ❓ FAQ
Типичные акционерные споры в стартапах
Когда возникают споры

Вы minority shareholder в американской компании (Delaware C-Corp, California corp). Контролирующие акционеры или management совершают действия, наносящие ущерб вашим interests: dilutive financing без pro-rata rights, self-dealing transactions, denial of information rights, forced redemption по unfair price, или sale of company без proper notice/approval.

Основные сценарии
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Dilution - Down Round
Компания проводит down round или bridge financing по valuation ниже вашей entry price, без предложения minority shareholders участвовать pro-rata. Ваша ownership diluted существенно.
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Oppression / Squeeze-Out
Majority shareholders совершают действия, направленные на выдавливание minority: termination от employment (для founder-employees), exclusion from Board/decisions, forced buyout по book value.
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Breach of Fiduciary Duty
Directors/officers совершают self-dealing: продажа assets в affiliated company по below-market price, excessive compensation, usurpation of corporate opportunities. Minority shareholders не получают benefit.
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Denial of Information Rights
Shareholders имеют право inspect books and records (Delaware § 220, CA Corp Code § 1601). Company отказывает в доступе к financials, cap table, Board minutes, transaction documents.
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Sale of Company - Unfair Process
Board продаёт компанию без proper notice to shareholders, по заниженной цене (breach of Revlon duties), или structuring deal чтобы benefit management/founders в ущерб common shareholders.
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Forced Redemption / Buyout
Stockholders Agreement даёт company право redeem ваши shares при certain events (termination, no longer investor). Компания insists on redemption по unfair valuation (book value, not FMV).
Minority Rights ограничены but real

Delaware law: majority shareholders могут контролировать company decisions. Однако fiduciary duties (duty of loyalty, duty of care) защищают minority от fraud, self-dealing, gross negligence. California даёт stronger protections для close corporations. Shareholders Agreement может давать veto rights, information rights, tag-along.

Шаблоны претензий
Dilution - Down Round Demand
I represent [SHAREHOLDER NAME], holder of [X]% of [COMPANY] common stock, in connection with the proposed Series [B] financing. [SHAREHOLDER] invested $[AMOUNT] in [YEAR] at a pre-money valuation of $[X MILLION]. The proposed Series [B] round values the company at $[Y MILLION] (significantly lower), and offers no pro-rata participation rights to existing shareholders. This down round will dilute [SHAREHOLDER]'s ownership from [X]% to approximately [Y]%, representing a [Z]% dilution. [SHAREHOLDER] was not offered the opportunity to participate pro-rata to maintain ownership percentage. We demand that [COMPANY] either (a) extend pro-rata rights to [SHAREHOLDER], or (b) demonstrate that the financing terms were negotiated at arm's length and represent the best available terms (Revlon standard if applicable).
Для down rounds - акцент на отсутствие pro-rata rights
Information Rights - Books & Records Demand
Pursuant to 8 Del. C. § 220 [or CA Corp Code § 1601], [SHAREHOLDER], as a stockholder of [COMPANY], demands inspection of the following books and records: (a) Stock ledger and capitalization table showing current ownership; (b) Financial statements for fiscal years [20XX-20XX]; (c) Minutes of Board meetings for the past [24] months; (d) All agreements relating to the proposed [Series B financing / M&A transaction / executive compensation]; (e) Valuation reports and fairness opinions prepared in connection with [transaction]. Purpose: To investigate potential mismanagement, assess value of shares, and evaluate whether [SHAREHOLDER]'s interests are being properly protected in corporate decisions. Please provide these documents within [5] business days. Refusal to comply will result in a petition to [Delaware Chancery Court / California Superior Court] to compel production under § 220 [or § 1603].
Укажите specific "proper purpose" - court будет evaluate
Fiduciary Duty Breach - Self-Dealing
[COMPANY]'s Board of Directors, consisting primarily of [NAMES], approved the sale of [COMPANY ASSET / SUBSIDIARY] to [AFFILIATED ENTITY] for $[PRICE] on [DATE]. This transaction constitutes self-dealing: (a) [DIRECTOR NAME] is [CEO/major shareholder] of [AFFILIATED ENTITY], creating direct conflict of interest; (b) The sale price of $[X] is substantially below fair market value (independent appraisal: $[Y]); (c) The transaction was not disclosed to or approved by disinterested shareholders; (d) [DIRECTOR] will personally benefit from the transaction through [equity ownership / management fees]. This is a breach of fiduciary duty under Delaware law (duty of loyalty). The entire fairness standard applies. [COMPANY] must rescind the transaction or demonstrate that both the price and process were entirely fair to the corporation and shareholders. We demand immediate rescission or, alternatively, renegotiation at arm's-length terms with independent Board committee approval.
Self-dealing triggers entire fairness review - burden shifts to defendants
Нужна помощь с shareholder dispute?
Помогаю minority shareholders защитить права при dilution, oppression, fiduciary duty breaches.
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Чек-лист документов
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FAQ

Fiduciary duty - обязательство действовать в интересах компании и всех shareholders. Применяется к directors и officers (не к majority shareholders unless controlling shareholder). Включает duty of care (informed decisions) и duty of loyalty (no conflicts/self-dealing).

Обычно нет. Majority shareholders контролируют. Но если sale structured как asset sale requiring shareholder vote, или у вас есть veto rights в Shareholders Agreement, или sale является breach of fiduciary duty (unfair process/price) - вы можете challenge через injunction.

Minority oppression — действия majority shareholders, ущемляющие права minority: исключение из управления, невыплата дивидендов при выплате зарплат majority, размывание долей. Средства защиты: dissolution petition, buyout order, damages, injunctive relief.

Стандарты оценки: DCF (discounted cash flow), comparable transactions, asset-based valuation. В Delaware minority discount обычно не применяется при appraisal. Привлекайте независимого оценщика и финансового эксперта.

Зависит от обстоятельств. Законно если: proper board approval, bona fide business purpose, fair price. Незаконно (breach of fiduciary duty) если: цель — размыть конкретного shareholder, unfair terms, self-dealing. Проверьте preemptive rights в charter.

Контакты

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