Halloween put Chancellor William Chandler III of Delaware Chancery Court in a playful mood in an Oct. 28 letter opinion denying a motion to reconsider his choice of lead counsel in a shareholder class action challenging the merger of Dress Barn and Tween Brands. One of the arguments for rehearing made by the firm Chandler didn’t pick — Rigrodsky & Long — was that the chancellor erroneously relied on his mistaken impression that the designated lead plaintiffs had agreed to work together.
“This assertion is simply false,” Chandler wrote, adding in a footnote, “This court appreciates holiday festiveness and cheer, but even at this time of year, it is best not to dress up or disguise a court’s legal reasoning.” (Hat tip: Delaware Corporate and Commercial Litigation Blog)
In a ruling that provides a helpful summary of the criteria for lead counsel in Delaware class actions, Chandler analyzed Rigrodsky & Long’s four arguments for why he shouldn’t have chosen Levi & Korsinsky as lead counsel, and methodically dismissed all of them.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]