Sep. 2, 2022
Cisco: Shareholder suit over diversity is ‘untenable’
The complaint alleges that Cisco’s board “deceived stockholders and the market by repeatedly lying about the company’s commitment to racial and ethnic diversity.” Cisco denied the claims in court documents, stating its commitment to diversity and inclusion is “as strong as ever” and an industry model.
Cisco Systems Inc. urged a Santa Clara County judge to dismiss an “untenable” shareholder lawsuit Thursday that claims the company’s board of directors breached its fiduciary duties by failing to adequately diversify its employee base. The plaintiffs say, “Statistics don’t lie.”
The complaint alleges that Cisco’s board “deceived stockholders and the market by repeatedly lying about the company’s commitment to racial and ethnic diversity.”
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