( May 7, 2024, 2:30 PM EDT) -- PHILADELPHIA — The Third District U.S. Court of Appeals determined in an en banc opinion that de novo review, and not abuse-of-discretion review, should be the standard of review when the court reviews a federal judge’s decision to dismiss a shareholder derivative complaint for a plaintiff’s failure to plead demand futility, overturning precedent that has been in place in the Third Circuit since 1992....