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A shareholder sent the board a detailed written demand asking the corporation to sue two officers for diverting a corporate opportunity. The board appointed two disinterested directors to review the demand. After interviewing the officers, reviewing emails, and receiving outside counsel's report, the board refused to sue.
If the shareholder files a derivative complaint anyway, which statement is most accurate?

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The shareholder may proceed only if every director personally signed the refusal letter. The shareholder automatically wins because any refusal to sue proves bad faith. The shareholder may ignore the board response and relitigate demand futility because demand can always be withdrawn. After making demand, the shareholder generally must challenge the board's refusal as wrongful, such as by showing lack of good faith, independence, or reasonable investigation.

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