If you where harmed you can still sue. IMO someone will and anyone on the board who voted for this should probably be sent to jail. However, most of the time these things are kept quiet.
Just to lob a grenade into this discussion, you often can't really sue; lawsuits take years to resolve and cost tens or hundreds of thousands of dollars to pursue. You have to be out very real money, and have a strong chance of being able to recover it in 3 years (when the company is likely to be dead), for it to even be rational to take something to court.
One place where you absolutely can muck things up as a jilted common stock holder is during M&A activity; I've seen a couple deals screwed over legal issues that looked minor to me at the time.
