Nah, successful shareholder lawsuits are exceptionally rare, except in tiny family companies. Almost any waste of money can be justified as an attempt to support some intangible, immeasurable goal.

I mean, CEOs are allowed to do spend money in ways that improve the company's image. They're allowed to perform experiments that may not bear fruit, and gambles that may not pay off. They're allowed to do things that improve employee morale and retention.

CEOs can spend shareholders' money on buying other companies the CEO owns ("I thought it would be a good investment"), outfit themselves with a super-luxury office ("We need it for meetings"), even have the shareholders buy them a private jet ("I'm paid so much, the time savings are worth it") - with the right fig leaf, it's all legal.