A lawsuit brought on behalf of a corporation,but initiated by a shareholder because the board of directors and officers fail to bring it,is called a derivative suit.

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This is correct. A derivative suit is a type of lawsuit brought by a shareholder (usually a minority shareholder) on behalf of a corporation against its directors, officers, or other insiders for breaching their fiduciary duties, committing fraud, or engaging in other misconduct that harms the corporation. It is called "derivative" because the shareholder derives the right to sue from the corporation, which is the actual owner of the claims asserted. The shareholder can bring the suit only if the board of directors and officers fail to do so, either because they are themselves implicated in the wrongdoing or because they refuse to act for other reasons. The purpose of a derivative suit is to recover damages or other remedies for the corporation, not for the shareholder personally. If successful, any recovery goes to the corporation, and the shareholder may be entitled to a fee or reimbursement of expenses.

A Lawsuit Brought on Behalf of a Corporation,but Initiated by a Shareholder