Question: PLEASE INCLUDE THE ARTICLE NUMBER THANK YOU. 5. XYZ Corp., a food production and service company, through their board of directors, opened a chain of

PLEASE INCLUDE THE ARTICLE NUMBER THANK YOU.

5. XYZ Corp., a food production and service company, through their board of directors, opened a chain of restaurants. They opened 50 restaurants throughout the country. However, the restaurants failed due to low demand because of similar cheaper offerings from other restaurants. They were forced to close down 40 restaurants which resulted to losses to the corporation in the amount of Thirtquive Million Pesos (P 35,000,000.00). The shareholders filed a complaint in the courts seeking to condemn the actions of the board of directors, specically the opening of the 50 restaurants, and the payment of their investments due to the losses incurred. Is the complaint of the shareholders valid? Explain your answers fully and provide your legal basis (5 pts.)

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