Posted on November 12, 2005 by Francis G.X. Pileggi

Preferred Stock has No Right to Dividends

The Delaware Supreme Court affirmed the Chancery Court in ruling that the holder of preferred shares has no absolute right to dividends, in Shintom Co., Ltd. v. Audiovox Corporation, download pdf file. I have a post here that describes in more detail the reasoning in the earlier Chancery Court decision, and its interpretation of DGCL Section 151.

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