I’m not an attorney but, and but an online petition for shareholders of record may have more bang for the buck at this point. It would be difficult for many people to fork over cash to take legal action against their own company. Whether or not a petition is a legal document in this case it would serve as notification to the BoD just how many shares in the company are unhappy with there actions. All the points could be ironed out on the message boards and the petition drawn up. After it is submitted to the company and no noticeable results are perceived legal action could then be taken. It may not stand up in court but, it would be obvious to a judge or jury that the shareholders have obvious issues with the management and attempted to negotiate in good faith, score one point for shareholders. The process of creating the petition online in a public forum may be enough to get us a little more transparency. I might suggest a list of current and pertinent grievances refined one point at a time to help the group stay focused. FWIW
