The board of FLIR Systems Inc., which makes much of its revenue from military contracts, was hit with a Delaware lawsuit over major penalties the advanced imaging company has faced for violating U.S. sanctions on Iran and Cuba.
The Chancery Court complaint, made public Thursday, accuses FLIR’s directors of exposing the company to nearly “ruinous” legal consequences by failing to put in place virtually any board-level oversight mechanisms aimed at ensuring it complied with anti-corruption laws or restrictions on military exports to unfriendly countries.
Source » bloomberglaw