• City of Hialeah Employees' Ret. Sys. v. Insight Venture Partners, LLC

    Publication Date: 2024-01-08
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A., Boca Raton, FL; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Wilmington, DE, Andrews & Springer LLC for plaintiff.
    for defendant: Garrett B. Moritz, S. Reiko Rogozen, Ross Aronstam & Moritz LLP, Wilmington, DE; Steven M. Farina, George A. Borden, Brian T. Gilmore, Williams & Connolly LLP, Washington, DC; William M. Lafferty, Ryan D. Stottmann, Rachel R. Tunney, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Jeffrey B. Korn, Richard Li, Ciara A. Sisco, Willkie Farr & Gallagher LLP, New York, NY for defendants.

    Case Number: 2022-0846-MTZ

    Plaintiff failed to plead demand futility for derivative complaint where controller's ability to remove board members by itself could not establish a lack of independence and a majority of the board's financial ties did not prevent them from exercising independent judgment.

  • NSI-MI Holdings, LLC v. AMETEK, Inc.

    Publication Date: 2023-11-27
    Practice Area: Mergers and Acquisitions
    Industry: Manufacturing | Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: Katharine L. Mowery, Dorronda Bordley, Richards, Layton & Finger, P.A., Wilmington, DE; David W. Long-Daniels, M. Allyson Lumpkin, Ansley K. Fantaski, Squire Patton Boggs (US) LLP, Atlanta, GA for plaintiff.
    for defendant: Joanna J. Cline, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE; Michael S. Hino, Troutman Pepper Hamilton Sanders LLP, Berwyn, PA for defendant.

    Case Number: N22C-08-489

    Court ordered escrow released where company had failed to state a valid claim for indemnification as it had not identified any extant loss that it had incurred or paid for.

  • In re Mindbody, Inc., Stockholder Litig.

    Publication Date: 2023-11-27
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Jeroen van Kwawegen, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: Lisa A. Schmidt, Robert L. Burns, Matthew D. Perri, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Matthew Solum, P.C., John Del Monaco, Jeffrey R. Goldfine, Jacob M. Rae, Kirkland & Ellis LLP, New York, NY for defendants.

    Case Number: 2019-0442-KSJM

    Stockholders in fiduciary class action who also petitioned for appraisal were entitled to elect between continuing with appraisal or taking the class remedy, even though the law required the corporation's approval for withdrawal of the petition for appraisal.

  • MALT Family Trust v. 777 Partners LLC

    Publication Date: 2023-11-27
    Practice Area: Mergers and Acquisitions
    Industry: Aerospace | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Catherine A. Gaul, Michael J. Vail, Ashby & Geddes, P.A., Wilmington, DE; David W. Affeld, Edward E. Johnson, Affeld Grivakes LLP, Los Angeles, CA for plaintiffs.
    for defendant: William E. Manning, Jessica M. Jones, Michelle C. Streifthau-Livizos, Saul Ewing LLP, Wilmington, DE for defendants.

    Case Number: 2022-0652-MTZ

    Although plaintiffs failed to identify a contractual provision expressly requiring defendants to operate their aviation-related businesses through the parties' LLC, plaintiffs sufficiently alleged breaches of fiduciary duties by claiming that defendants usurped that business opportunity and caused the LLC to instead engage in marginally profitable interested transactions.

  • Crispo v. Musk

    Publication Date: 2023-11-13
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Michael Hanrahan, Samuel L. Closic, John G. Day, Robert B. Lackey, Prickett, Jones & Elliott, P.A., Wilmington, DE; Max Huffman, Joseph A. Pettigrew, Scott+Scott Attorneys at Law LLP, San Diego, CA; Justin O. Reliford, Jing-Li Yu, Scott+Scott Attorneys at Law LLP, New York, NY for plaintiff.
    for defendant: Edward B. Micheletti, Lauren N. Rosenello, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.

    Case Number: 2022-0666-KSJM

    Stockholder lacked standing to enforce merger agreement, and the agreement did not confer stockholders with third-party beneficiary status to pursue lost-premium damages while the target company pursued specific performance of the merger.

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  • Allen v. Harvey

    Publication Date: 2023-11-13
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; Joshua Fruchter, Wohl & Fruchter LLP, Monsey, NY for plaintiffs.
    for defendant: Tammy L. Mercer, James M. Yoch, Jr., Michael A. Laukaitis II, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Craig Zieminski, Andy Jackson, Jeremy Gonzales, Vinson & Elkins, LLP, Dallas, TX for defendants.

    Case Number: 2022-0248-MTZ

    Court declined to award a substantial success fee to stockholders who obtained supplemental disclosures to merger proxy where the disclosures did not remove an impediment to the stockholders' vote, but the disclosures provided a meaningful corporate benefit by informing stockholders about the transaction committee's affiliations with a controlling stockholder sitting on both sides of the merger transaction.

  • Cahill v. Air Med. Group Holdings, Inc.

    Publication Date: 2023-10-30
    Practice Area: Mergers and Acquisitions
    Industry: Transportation
    Court: U.S. District Court of Delaware
    Judge: District Judge Bryson
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 21-679-WCB

    Plaintiff's claim for insurance proceeds was not necessarily barred by contractual limitations period on indemnification claim where plaintiff asserted that the proceeds constituted retained property that defendant had an ongoing obligation to turn over after closing.

  • Energy Transfer, LP v. The Williams Cos., Inc.

    Publication Date: 2023-10-23
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Delaware Supreme Court
    Judge: Justice Griffiths
    Attorneys: For plaintiff: James M. Yoch, Alberto E. Chávez, Young Conaway Stargatt & Taylor, Wilmington, DE; Paul D. Clement, Matthew D. Rowen, Clement & Murphy, PLLC, Alexandria, VA for appellants.
    for defendant: Kenneth J. Nachbar, Susan Wood Waesco, Matthew R. Clark, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Antony L. Ryan, Kevin J. Orsini, Michael P. Addis, Cravath, Swaine & Moore LLP, New York, NY for appellee.

    Case Number: 391, 2022

    Chancery court's determination that counterparty did not breach merger agreement was supported by record evidence demonstrating that company continued to use best efforts to consummate the merger, entitling it to reimbursement of a prior termination fee and precluding liability for a breakup fee.

  • ITG Brands, LLC v. Reynolds Am., Inc.

    Publication Date: 2023-10-16
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Stephen C. Norman, Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Elizabeth B. McCallum, Gilbert S. Keteltas, Carey S. Busen, Evan M. Mannering, Baker & Hostetler, LLP, Washington, D.C.; Jim W. Phillips, Jr., Kimberly M. Marston, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, Greensboro, NC; Charles E. Coble, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, Raleigh, NC for plaintiff.
    for defendant: Gregory P. Williams, Rudolf Koch, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Noel J. Francisco, C. Kevin Marshall, William D. Coglianese; Jones Day, Washington, D.C.; Stephanie E. Parker, Katrina L.S. Caseldine, Jones Day, Atlanta, GA; David B. Alden, Kevin P. Riddles; Jones Day, Cleveland, OH; Elli Leibenstein, Greenberg Traurig, LLP, Chicago, IL; Stephen L. Saxl, Greenberg Traurig, LLP, New York, NY; Andrea Shwayri Ferraro, Greenberg Traurig, P.A., West Palm Beach, FL for defendants.

    Case Number: 2017-0129-LWW

    Although seller was entitled to recover compensation for settlement payments it made based on post-closing sales of various acquired brands, trial was necessary to determine acquirers' entitlement to offsets and the availability of specific performance for future settlement payments.

  • Adviser Investments, LLC v. Powell

    Publication Date: 2023-10-16
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Judge Adams
    Attorneys: For plaintiff: David E. Ross, Adam D. Gold, A. Gage Whirley, Ross Aronstam & Moritz, LLP, Wilmington, DE; Mark W. Premo-Hopkins, Katie Lencioni, Kirkland & Ellis, LLP, Chicago, IL for plaintiff.
    for defendant: Henry E. Gallagher, Jr., Lauren DeLuca, Jarrett W. Horowitz, Connolly Gallagher, LLP, Wilmington, DE, Lazar P. Raynal, Melanie Burke, Tatum Ellis, King & Spalding, LLP, Chicago, IL for defendant.

    Case Number: 2022-1149-MAA

    Determining that the purchase agreement did not bar claims based on extra-contractual statements, the court declined to dismiss plaintiff's fraud claims concerning the purchase of defendant's company. The court also found that the detailed factual allegations contained in the complaint stated a claim for fraud and that fraud claims were not barred by the anti-bootstrapping rule.