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Question $1$

Which of the following was the result on appeal in In re Abbott Laboratories Derivative Shareholders Litigation, the case in the text alleging corporate directors$$ breach of the duty of good faith through their failure to follow up on repeated notices of regulatory noncompliance?

That the directors were not liable and did not breach any duty of good faith because they were unaware of the issues, and accepted corporate governance procedures did not require the disclosure of the noncompliance notices to them.

That the directors could not be held liable because the corporation$$s certificate of incorporation exempted directors from liability for breach of the duty of care.

That the business judgment rule applied and that the plaintiffs$$ allegations could not withstand the protection of that rule.

That the plaintiffs sufficiently pleaded allegations that, if true, constituted a breach of the duty of good faith leading to the directors$$ actions falling outside the protection of the business judgment rule.