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Publication Date: 2023-08-07
Practice Area: Corporate Governance
Industry: Entertainment and Leisure
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Edward Timlin, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Michael J. Barry, Kelly L. Tucker, Jason M. Avellino, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE for plaintiffs.
for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; John A. Neuwirth, Joshua S. Amsel, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for defendants.
Case Number: 2023-0215-MTZ
The court declined to approve a proposed settlement on behalf of a putative class of common stockholders noting that the release would release not only claims associated with the common stock but also claims related to the ownership of preferred equity units, even though plaintiffs had not brought an action on behalf of a class of preferred equity unitholders.
Publication Date: 2023-07-31
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: F. Troupe Mickler IV, Stephen E. Jenkins, Ashby & Geddes, P.A., Wilmington, DE; William J. Fields, Christopher J. Kupka, Samir Shukurov, Fields Kupka & Shukurov LLP, New York, NY; Gustavo F. Bruckner, Samuel J. Adams, Daryoush Behbood, Pomerantz LLP, New York, NY; Brian Schall, The Schall Law Firm, Los Angeles, CA for plaintiffs.
for defendant: Kevin R. Shannon, Tyler J. Leavengood, Jaclyn C. Levy, Michael C. Gorski, Jr., Lucille E. Wiesner, Potter Anderson & Corroon LLP, Wilmington, DE; Richard B. Harper, Vern Cassin, Thomas E. O’Brien, Alyssa M. Pronley, Kristina Wenner, Baker Botts LLP, New York, NY; Bradley R. Aronstam, S. Reiko Rogozen, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE; Joseph O. Larkin, Matthew P. Majarian, Rupal K. Joshi, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; James R. Carroll, Skadden, Arps, Meagher & Flom LLP, Boston, MA for defendants.
Case Number: 2021-1116-SG
The court denied defendants' motion to dismiss plaintiffs' derivative complaint which alleged that one defendant had made a sham offer to purchase another defendant's high vote stock to trigger a call right, which in turn resulted in significant monetary benefits to both defendants and harm to nominal defendant.
Publication Date: 2023-07-31
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: U.S. District Court of Delaware
Judge: District Judge Seitz
Attorneys: For plaintiff: Kevin J. Connors, Aaron E. Moore, Marshall Dennehey Warner Coleman & Goggin, Wilmington, DE; Michael H. McGinley, Rick S. Horvath, Stuart T. Steinberg, Dechert LLP, Philadelphia, PA; Brett A. Scher, Patrick M. Kennell, Kaufman Dolowich & Voluck, LLP, New York, NY for appellant.
for defendant: Kevin H. Davenport, Eric J. Juray, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for appellees.
Case Number: 2021-0173
Chancery court correctly disregarded corporate charter provision deeming board action "conclusive and binding" where the provision had the effect of exculpating directors from liability for breaching their duty of loyalty to the corporation.
Publication Date: 2023-07-31
Practice Area: Corporate Governance
Industry: Health Care
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Ethan H. Townsend, Kevin M. Regan, McDermott Will & Emory LLP, Wilmington, DE; Jennifer Aronoff, McDermott Will & Emory LLP, Chicago, IL; Megan E. Thibert-Ind, Manatt, Phelps & Phillips, LLP, Chicago, IL for plaintiff.
for defendant: Ronald N. Brown, III, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; James C. Bookhout, Mallory Biblo, DLA Piper LLP (US), Dallas, TX for defendant.
Case Number: 2021-0579-MTZ
The court granted plaintiff's motion for civil contempt and sanctions and shifted plaintiff's fees to defendant upon finding that defendant had "contemptuously" failed to fully and timely produce ordered documents.
Publication Date: 2023-07-10
Practice Area: Corporate Governance
Industry: Real Estate
Court: Delaware Supreme Court
Judge: Justice Seitz
Attorneys: For plaintiff: Max B. Walton, Kyle Evans Gay, Connolly Gallagher LLP, Newark, DE; Michael K. Ross, Serine Consolino, Aegis Law Group LLP, Washington, DC for appellant.
for defendant: Deborah B. Baum, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC; Stephen B. Brauerman, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE for appellees.
Case Number: 163, 2022
Stock issuance that diluted interest of stockholder with one-half interest who had filed a custodian action to break board election deadlock was not inequitable where issuance was reasonably calculated to prevent default under company's key contracts and had the benefit of retaining a key employee, while stockholder was not coerced as she retained a swing vote.
Law Journal Press | Digital Book
Authors: T. BART GARY, JAKE CARROLL
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Publication Date: 2023-06-27
Practice Area: Corporate Governance
Industry: Health Care
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Adrienne Ward, Lori Marks-Esterman, Olshan Frome Wolosky LLP, New York, NY; John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Tariq Mundiya, Richard Li, Willkie Farr & Gallagher LLP, New York, NY for plaintiffs.
for defendant: Blake Rohrbacher, Kevin M. Gallagher, Matthew W. Murphy, Nicole M. Henry, Jordan L. Cramer, Sandy Xu, Mari Boyle, Edmond S. Kim, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
Case Number: 2023-0477-PAF
Court declined to enjoin advance notice bylaw where company did not have radical change in operations and plaintiff stockholders' delay contributed to their inability to timely present a slate of directors for the annual meeting.
Publication Date: 2023-06-13
Practice Area: Corporate Governance
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys: For plaintiff: Theodore A. Kittila, William E. Green, Jr., Halloran Farkas + Kittila LLP, Wilmington, DE for plaintiff.
for defendant: Stephen B. Brauerman, Sarah T. Andrade, Megan A. McGovern, Bayard, PA, Wilmington, DE for defendant.
Case Number: 2020-0183-MTZ
Stockholders who pursued a derivative claim breached fiduciary duties to company by withholding the award in that claim, since derivative plaintiffs served as company agents rather than directors entitled to have their conduct reviewed under gross negligence or business judgment rule standards.
Publication Date: 2023-05-09
Practice Area: Corporate Governance
Industry: Distribution and Wholesale | Pharmaceuticals | Retail
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys: For plaintiff: Gregory V. Varallo, Mae Oberste, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Leslie R. Stern, Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA; Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, Labaton Sucharow LLP, New York, NY for plaintiffs.
for defendant: Raymond J. DiCamillo, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Sean M. Berkowitz, Nicholas J. Siciliano, Latham & Watkins LLP, New York, NY; Andrew W. Stern, Charlotte K. Newell, Sidley Austin LLP, New York, NY; William M. Regan, Allison M. Wuertz, Hogan Lovells US LLP, New York, NY; Frank R. Volpe, Sidley Austin LLP, Washington, DC for defendants.
Case Number: 2021-0827-JTL
Litigation demand was futile where allegations supported inference that directors and officers knew that the company was violating its legal obligations as a dispenser of prescription opioids in a conscious effort to maximize customer sales and profits.
Publication Date: 2023-05-02
Practice Area: Corporate Governance
Industry: Energy | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Michael J. Barry, Jason M. Avellino, Kelly L. Tucker, Grant & Eisenhofer, P.A., Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, David F.E. Tejtel, Christopher M. Windover, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiffs.
for defendant: A. Thompson Bayliss, Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Karl Stern, Elizabeth M. Devaney, Quinn Emanuel Urquhart & Sullivan LLP, Houston, TX for defendant.
Case Number: 2019-0201-LWW
Although special litigation committee had a defect in consisting of only one director, that director's independence and the thoroughness of their investigation supported finding that its judgment to terminate derivative litigation was made following diligent and good-faith analysis.
Publication Date: 2023-04-18
Practice Area: Corporate Governance
Industry: E-Commerce | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: Ryan M. Ernst, David M. Klauder, Bielli & Klauder, LLC, Wilmington, DE; Charles J. Hecht, Charles Hecht P.C., New York, NY for plaintiff.
for defendant: Michael C. Heyden, Jr., Joseph E. Brenner, Gordon Rees Scully Mansukhani LLP, Wilmington, DE; Samuel T. Hirzel, II, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Sarah Lightdale, Christopher L. Martin, Jr., Cooley LLP, New York, NY for defendants.
Case Number: 2018-0869-LWW
Board member and their investment firm were entitled to summary judgment on fraud and fiduciary duty claims brought by terminated officer, where the record reflected defendants had a limited role in the alleged fraud and the board member's decision to approve termination was protected by the business judgment rule.
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