XpresSpa Group Announces Dismissal of Purported Derivative Lawsuit Filed by Moreton Binn and Marisol Binn against the Company and Certain Current and Former Directors
- the Binns had failed to make a pre-suit demand on XpresSpa’s independent Board of Directors (a requirement for any derivative lawsuit);
- the Binns were not fair and adequate representatives of XpresSpa’s shareholders for the purposes of a derivative lawsuit, as there was “evidence of ‘economic antagonisms’ between Plaintiffs and Defendants” and “the Binns hav[ing] an outsized personal interest in this litigation,” and that these facts “illustrate a potential vindictiveness by the Binns towards Defendants”; and
- the Binns failed to state any plausible claims for relief with respect to any of their claims.
This was the third lawsuit that the Binns or their longtime counsel have brought against
This litigation was captioned Binn v. Bernstein, 19-CV-06122, and was pending in the
Source: XpresSpa Group, Inc.