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MY QUESTION REVOLVES AROUND LITIGATION WHERE COOP CORP IS BEING SUED ,,,, DOES THE MANAGEMENT COMPANY OR BOARD HAVE A FIDUCIARY RESPONSIBILITY TO INFORM THE SHAREHOLDERS OF THE CORPORATION OF THE CLAIM AGAINST THE COOP ONCE FILED IN COURT, AND GIVE THEM THE POSSIBLE RAMIFICATIONS TO THE SHAREHOLDERS? AND IF THEY DO HAVE RESPONSIBILITY, DOES THIS ALSO GO TO ANY PROSPECTIVE BUYERS BEING INFORMED OF THE ISSUES (AND IF INFORMED, GIVING AT LEAST AN OPINION BY THE COOPS LEGAL REPRESENTATIVE THAT THE COOP IS PROTECTED THRU INSURANCE, OR POSSIBLE FINANCIAL ISSUES THAT COULD OCCUR?) I BELIEVE THEY DO HAVE RESPONSIBILITY AND THE NYS ATTORNEY GENERAL, WHO HAS OVERSIGHT, MIGHT ALSO STATE IT SHOULD BE DISCLOSED.......... BUT I AM LOOKING FOR GUIDANCE HERE.... THANK YOU
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My advice would be to ask the attorney who is handling the litigation on the co-op's behalf before taking any action, especially before making any information public. Even if something sounds totally innocent, publishing *anything* before getting your attorney's approval could do much more harm than good.
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