Antitrust Enforcers Throw Wrench Into M&A by Dusting Off Long-Ignored Governance Rule
The FTC last month forced drastic changes to a $5.2 billion energy deal by invoking the Clayton Act's prohibition on having a director of one company also serve as a director of a competitor.
September 11, 2023 at 08:40 AM
5 minute read
The original version of this story was published on Corporate Counsel
The Federal Trade Commission, which under the Biden administration has been highly skeptical of mergers, has sent shock waves through the dealmaking community by recently using a long-ignored provision of a federal antitrust law to force drastic changes to a $5.2 billion natural-gas-industry deal.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
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