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.
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