Exactly.
A “class action” lawsuit, by definition, should represent the class, yet this one, and most others, do NOT, serving simply to enrich law firms at the expense of the people they falsely claim to represent.
The law should be changed to require at least 10% of the members of the supposed class to vote in favor of a class action suit. If they can’t even muster 10%, it is obviously bogus.
The attorneys suing Elon and Tesla claim to be acting "on behalf of ... stockholders of TESLA"
The stockholders of Tesla have spoken - twice - that they support the compensation package
They are not acting on behalf of the stockholders
The lawyers are acting solely for their own benefit, to collect billions in fees that will be taken from the stockholders
They also imposed hundreds of millions in litigation costs on Tesla, to shareholders' detriment
Class action lawsuits are a perversion of the American justice system
I can't think of a clearer example than this case
Tesla and Elon will be fine. It might take a year or two but Tesla will redo the vote again in Texas if necessary. Elon will get his comp package. The company will grow and prosper.
Delaware lawyers, accountants and related businesses, and state government revenue will all suffer massively as corporations flee a state that has demonstrated it does not support founders, corporations, boards, executives or shareholders
Being the corporate home of so many companies was a huge part of the Delaware economy
The system is about to collapse