• Nask4Innovation Sp. Z.o.o. v. Sellers

    Publication Date: 2022-09-27
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thomas A. Uebler, Joseph L. Christensen, McCollum D’Emilio Smith Uebler LLC, Wilmington, DE for plaintiff
    for defendant: Ryan D. Stottmann, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendants.

    Case Number: 2021-0406-MTZ

    Declaratory judgment action to declare release language in letter of transmittal unenforceable was not ripe where declaratory judgment would provide no benefit to the litigants as the release did not preclude the filing of a fiduciary claim where the release could be asserted as a defense to liability and resolved in that fiduciary action.

  • In re P3 Health Group Holdings, LLC

    Publication Date: 2022-09-27
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Bruce E. Jameson, Corinne Elise Amato, Eric J. Juray, Elizabeth Wang, Prickett, Jones & Elliott, P.A., Wilmington, DE; Craig Carpenito, Richard H. Walker, Samuel C. Cortina, King & Spalding LLP, New York, NY for plaintiff.
    for defendant: William M. Lafferty, Kevin M. Coen, Ryan D. Stottmann, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk IV, Potter Anderson & Corroon LLP, Wilmington, DE; Elena C. Norman, Paul J. Loughman Lakshmi A. Muthu, Alberto E. Chávez, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for defendants.

    Case Number: 2021-0518-JTL

    The court could exercise personal jurisdiction over the general counsel/chief legal officer of Delaware LLC who by virtue of that position would materially participate in the company's management and therefore would qualify as an acting manager.

  • Protech Minerals, Inc. v. Dugout Team, LLC

    Publication Date: 2022-09-20
    Practice Area: Trusts and Estates
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Montgomery-Reeves
    Attorneys: For plaintiff: Sidney S. Liebesman, Beth B. Miller, Kasey H. DeSantis, Fox Rothschild LLP, Wilmington, DE for appellants.
    for defendant: Andrea S. Brooks, Wilks Law, LLC, Wilmington, DE for appellee.

    Case Number: 288, 2021

    Distributions from statutory trust constituted the personal property of the holder of the beneficial interest and could therefore be subject to garnishment by the beneficiary's creditors.

  • Constr. Indus. Laborers Pension Fund v. Bingle

    Publication Date: 2022-09-20
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael J. Barry, Vivek Upadhya, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; Chad Johnson, Noam Mandel, Desiree Cummings, Jonathan Zweig, Sarah Delaney, Robbins Geller Rudman & Dowd LLP, New York, NY; Jeremy S. Friedman, David Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY, D. Seamus Kaskela, Kaskela Law LLC, Newton Square, PA; Julia Goldsmith Reiser, Cohen Milstein Sellers & Toll PLLC, Washington, DC; Richard A. Speirs, Amy Miller, Cohen Milstein Sellers & Toll PLLC, New York, NY for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Alexander M. Krischik, Richards, Layton & Finger, P.A., Wilmington, DE; Sandra C. Goldstein, Stefan Atkinson, Byron Pacheco, Kirkland & Ellis LLP, New York, NY; William M. Lafferty, Ryan D. Stottmann, Alexandra M. Cumings, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Sameer Advani, Wesley R. Powell, Patricia O. Haynes, Willkie Farr & Gallagher LLP, New York, NY; A. Thompson Bayliss, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; Peter L. Welsh, C. Thomas Brown, Patrick T. Roath, Ropes & Gray LLP, Boston, MA; Edward R. McNicholas, Ropes & Gray LLP, Washington, DC; John L. Reed, Ronald N. Brown, Peter H. Kyle, Kelly L. Freund, Dla Piper LLP, Wilmington, DE; Paul R. Bessette, Michael J. Biles, Daniel M. Wodnicki, King & Spalding LLP, Austin, TX; Benjamin Lee, Benjamin B. Watson, King & Spalding LLP, Atlanta, GA, for defendants.

    Case Number: 2021-0940-SG

    Court granted board of directors' motion to dismiss a claim for breach of loyalty after plaintiff shareholders sued following a cybersecurity attack that led to a substantial drop in the company's stock value.

  • In re SwervePay Acquisition, LLC

    Publication Date: 2022-09-13
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Peter J. Walsh, Jr., Nicholas D. Mozal, Potter Anderson & Corroon LLP, Wilmington, DE; Orion Armon, Cooley LLP, Denver, CO; Luke Cadigan, Cooley LLP, Boston, MA; Alexandra Leeper, Cooley LLP, Palo Alto, CA; Katelyn Kang, Cooley LLP, New York, NY; Bradley Levison, Carrie A. Herschman, Herschman Levison Hobfall PLLC, Chicago, IL for plaintiffs.
    for defendant: A. Thompson Bayliss, Stephen C. Childs, Abrams & Bayliss LLP, Wilmington, DE; David B. Hennes, Adam M. Harris, Alexander B. Simkin, Ropes & Gray LLP, New York, NY; Sarah M. Samaha, Ropes & Gray LLP, Washington, DC for defendants.

    Case Number: 2021-0447-KSJM

    Fraud claim arising from acquisition was not dismissed where sellers plausibly alleged that buyers overinflated the amount of monetizable revenue in the buyers' pipeline, which induced sellers into the transaction on the understanding they could hit contractual milestones for earnout payments.

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  • In Re Carvana Co. Stockholders Litig.

    Publication Date: 2022-09-13
    Practice Area: Civil Procedure
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Christine M. Mackintosh, Rebecca A. Musarra, Grant & Eisenhofer P.A., Wilmington, DE; Ned Weinberger, Labaton Sucharow LLP, Wilmington, DE; Jason M. Leviton, Joel A. Fleming, Lauren Godles Milgroom, Amanda R. Crawford, Block & Leviton LLP, Boston, MA; Domenico Minerva, John Vielandi, David MacIsaac, Labaton Sucharow LLP, New York, NY for plaintiffs.
    for defendant: David E. Ross, Adam D. Gold, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Brian M. Lutz, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Colin B. Davis, Katie Beaudin, Gibson, Dunn & Crutcher LLP, Irvine, CA; John L. Reed, Ronald N. Brown III, Peter H. Kyle, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE, for defendants.

    Case Number: 2020-0415-KSJM

    Court denied defendant's motion to dismiss for lack of personal jurisdiction finding that defendant was the majority stockholder and controller over the company at the time the forum selection clause was incorporated into the articles of incorporation.

  • In re Match Group Inc. Derivative Litig.

    Publication Date: 2022-09-13
    Practice Area: Deals and Transactions
    Industry: E-Commerce | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael Hanrahan, J. Clayton Athey, Corinne E. Amato, Kevin H. Davenport, Jason W. Rigby, Stacey A. Greenspan, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiffs.
    for defendant: Blake K. Rohrbacher, Matthew W. Murphy, Sandy Xu, Richards, Layton & Finger, P.A., Wilmington, DE; Maeve O’Connor, Susan R. Gittes, Debevoise & Plimpton LLP, New York, NY; William M. Lafferty, John P. DiTomo, Elizabeth A. Mullin, Morris Nichols Arsht & Tunnell, Wilmington, DE; Theodore N. Mirvis, Alexandra P. Sadinsky, Canem Ozyildirim, Wachtell, Lipton, Rosen & Katz LLP, New York, NY; David E. Ross, Adam D. Gold, Ross Aronstam & Moritz LLP, Wilmington, DE; Blaire Connelly, Latham & Watkins LLP, New York, NY for defendants.

    Case Number: 2020-0505-MTZ

    The court granted a motion to dismiss a complaint challenging a multi-step spinoff initiated by a corporation's controller.

  • Rivest v. Hauppauge Digital, Inc.

    Publication Date: 2022-09-13
    Practice Area: Corporate Entities
    Industry: Electronics | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Laster
    Attorneys: For plaintiff: Marcus E. Montejo, Prickett, Jones & Elliott, P.A., Wilmington, DE for plaintiff;
    for defendant: Douglas J. Cummings, DCummings Law, LLC, Wilmington, DE for defendant.

    Case Number: 2019-0848-PWG

    Court overruled master's recommendations for confidentiality for financial records produced under §220 request where company only managed to cite generalized concerns about loss of customers and suppliers, and shareholder had prevailing interest in obtaining valuation of his shares in long-dark company.

  • Pharmacy Corp. of Am. v. Askari

    Publication Date: 2022-09-13
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Bibas
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 21-2800

    Increases in line of credit under existing working capital agreement did not require founder's consent as a "major decision" since it did not create a new lien or encumbrance, as lender already had security interest in company's existing and after-acquired assets under original working capital agreement.

  • Griffith v. Stein

    Publication Date: 2022-09-06
    Practice Area: Deals and Transactions
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Anthony A. Rickey, Margrave Law LLC, Wilmington, DE; Raffi Melkonian, Wright Close & Bargar, LLP, Houston, TX for appellant.
    for defendant: Brian Farnan, Michael Farnan, Rosemary Piergiovanni, Farnan LLP, Wilmington, DE; A. Arnold Gershon, Michael A. Toomey, Barrack, Rodos & Bacine, New York, NY; Kevin G. Abrams, J. Peter Shindel, Jr., Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Robert J. Giuggra, Jr., David M.J. Rein, Sullivan & Cromwell LLP, New York, NY; Kevin M. Gallagher, Richards, Layton & Finger, P.A., Wilmington, DE for appellees.

    Case Number: D69949

    Court reversed the chancery court's decision approving a litigation settlement which included forward-looking statements that bound absent interested parties from bringing claims in the future, in violation of the Due Process Clause.