Liability action can be either an individual action or a social action
Individual liability action can only be brought by someone who has personally suffered a loss independent of that suffered by the company (such as the misappropriation of dividends). Shareholders can become a civil party when a criminal offense is the source of the damage.
Several shareholders can group together when they have individually suffered damage resulting from the same facts. They can give themselves a mandate (art.D199) which must be in writing and expressly mention that it gives the agent the power to carry out on behalf of the principal all procedural acts. The legal action must indicate the name and address of each of them, the number of shares held and the damage claimed for each.
Social action is intended to repair the damage suffered by society by maintaining or restoring social heritage. Social action can be exercised by legal representatives. In fact, this action is only exercised by new leaders or by minority leaders. In the event of a lack of legal representatives because they are involved or passive, social action can be exercised individually, it is qualified as “ut singuli” action.
The “ut singuli” action can be brought by a shareholder, whatever the number of shares he holds. On the other hand, if he has sold all his shares, he cannot exercise the action, even for a loss that arose while he was still a shareholder and, correlatively, the shareholder can bring an action for a loss that arose when he was not. was not a shareholder: the transfer of the share conveys the right to act.