• HUMC Holdco, LLC v. MPT of Hoboken TRS, LLC

    Publication Date: 2022-08-16
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Michael Busenkell, Margaret F. England, Bradley P. Lehman, Gellert Scali Busenkell & Brown LLC, Wilmington, DE for plaintiffs.
    for defendant: Patricia L. Enerio, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Christopher J. Sullivan, Nutter, McClennan & Fish LLP, New York, NY; Thomas A. Uebler, Joseph Christensen, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE for defendants.

    Case Number: D69919

    Laches barred contract, fraud, and waste claims arising from the payment of management fees where rejection of claimant's request for books/records/information meant that it could no longer be "blamelessly ignorant" of any alleged wrongdoing and therefore the running of the limitations period was triggered.

  • City Pension Fund for Firefighters & Police Officers in the City of Miami v. The Trade Desk, Inc.

    Publication Date: 2022-08-16
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Reuben Gottlieb, Jeroen van Kwawegen, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy Friedman, David Tejtel, Julie Palley, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: William M. Lafferty, Ryan D. Stottmann, Sabrina Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Peter J. Walsh, Jr., Jacqueline A. Rogers, Abraham C. Schneider, Potter Anderson & Corroon LLP, Wilmington, DE; Matthew Rawlinson, Latham & Watkins LLP, Menlo Park, CA; Colleen Smith, Latham & Watkins LLP, San Diego, CA; Kristin Murphy, Latham & Watkins LLP, Costa Mesa, CA; Brad D. Sorrels, Shannon E. German, Benjamin M. Potts, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; David J. Berger, Steven M. Guggenheim, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; S. Toni Wormald, Wilson Sonsini Goodrich & Rosati, P.C., San Francisco, CA for defendants.

    Case Number: D69918

    Interested transaction benefitting controlling stockholder was subject to business judgment review under MFW framework where special committee had a majority of disinterested directors and proxy adequately disclosed the controller's motivation for proposing the transaction.

  • NVIDIA Corp. v. City of Westland Police & Fire Ret. Sys.

    Publication Date: 2022-08-02
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Delaware Supreme Court
    Judge: Justice Montgomery-Reeves
    Attorneys: For plaintiff: Gregory P. Williams, Brock E. Czeschin, Christian C.F. Roberts, Richards, Layton, & Finger, P.A., Wilmington, DE; John C. Dwyer, Patrick E. Gibbs, Claire A. McCormack, Cooley LLP, Palo Alto, CA for appellant.
    for defendant: Seth D. Rigrodsky, Gina M. Serra, Herbert W. Mondros, Rigrodsky Law, P.A., Wilmington, DE; Frank R. Schirripa, Hillary Nappi, Hach Rose Schirripa & Cheverie LLP, New York, NY; Gregory Mark Nespole, Daniel Tepper, Levi & Korsinsky, LLP, New York, NY; Travis E. Downs III, Erik W. Luedeke, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Thomas J. McKenna, Gregory M. Egleston, Gainey McKenna & Egleston, New York, NY; Beth A. Keller, Monteverde & Associates PC, New York, NY for appellees.

    Case Number: D69906

    Stockholders in §220 action could not rely on their own hearsay evidence to prove proper purpose where they refused to identify potential witnesses to permit the company the opportunity to conduct depositions.

  • Qlarant v. IP Commercialization Labs, LLC

    Publication Date: 2022-07-19
    Practice Area: Corporate Governance
    Industry: Consulting | Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Wharton
    Attorneys: For plaintiff: Daniel M. Silver, Johanna Peuscher-Funk, McCarter & English, LLP, Wilmington, DE for plaintiff.
    for defendant: John G. Harris, Berger Harris LLP, Wilmington, DE; Meredith Sharoky Paley, Spiro Harrison, Short Hills, NJ; Jason Charles Spiro, Spiro Harrison, Red Bank, NJ for defendant.

    Case Number: D69887

    Court lacked personal jurisdiction over purported shareholder of party to asset purchase agreement, where the purported shareholder had no contacts with Delaware and the court declined to enforce the forum selection clause in the APA as the shareholder was not a signatory to that contract.

  • Diep v. Trimaran Pollo Partners, LLC

    Publication Date: 2022-07-12
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Hospitality and Lodging | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Ralph N. Sianni, Andersen Sleater Sianni LLC, Wilmington, DE; Hung G. Ta, JooYun Kim, Natalia D. Williams, HGT LAW, New York, NY; Peter Safirstein, Safirstein Metcalf LLP, New York, NY for appellant.
    for defendant: Kurt M. Heyman, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Adam H. Offenhartz, Gibson, Dunn & Crutcher LLP, New York, NY; Tyler H. Amass, Gibson, Dunn & Crutcher LLP, Denver, CO for appellees.

    Case Number: D69883

    Chancery court properly granted corporation's special litigation committee's motion to dismiss derivative claims, where there was not sufficient evidence to raise a material dispute regarding the independence of the SLC or the reasonableness of the findings of the SLC's investigation into the claims.

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  • In re Carvana Co. Stockholders Litig.

    Publication Date: 2022-07-12
    Practice Area: Corporate Governance
    Industry: Automotive | E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Nathan A. Cook, Block & Leviton LLP, Wilmington, DE; 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: D69879

    Stockholders sufficiently pled director conflict and lack of independence by alleging numerous personal and professional ties stretching back decades between the directors and the company's controlling family.

  • Wildfire Prods., LP v. Team Lemieux LLC

    Publication Date: 2022-07-12
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Jon E. Abramczyk, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Daniel H. Shapira, Robert M. Barnes, Daniel J. Stuart, Marcus & Shapira LLP, Pittsburgh, PA for plaintiff.
    for defendant: Kurt M. Heyman, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Patricia L. Glaser, Craig H. Marcus, Nathaniel Wright, Glaser Weil Howard Avchen & Shapiro LLP, Los Angeles, CA for defendants.

    Case Number: D69882

    Professional sports league constitution required arbitration of ownership interest disputes before the league commissioner, and was not superseded by the team owners' partnership agreement since the league was not a party to that partnership agreement.

  • Parseghian v. Frequency Therapeutics, Inc.

    Publication Date: 2022-07-05
    Practice Area: Corporate Governance
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Jamie L. Brown, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Adam C. Ford, Matthew A. Ford, Ford O’Brien, LLP, New York, NY for plaintiffs.
    for defendant: Elena C. Norman, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Deborah S. Birnbach, Jennifer Burns Luz, Matthew T. White, Goodwin Proctor LLP, Boston, MA; Kevin R. Shannon, Jaclyn C. Levy, Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE; Seth Goldman, Jacob H. Hupart, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., New York, NY for defendants.

    Case Number: D69871

    Breach of fiduciary duty claim against company CEO dismissed where there were no factual allegations regarding the actual steps the CEO purportedly took to block plaintiff stockholders' efforts to sell their shares or that the CEO was even aware plaintiffs were seeking to transfer their stock.

  • Stream TV Networks, Inc. v. SeeCubic, Inc.

    Publication Date: 2022-06-28
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Andrew S. Dupre, Brian R. Lemon, Steven P. Wood, Sarah E. Delia, Stephanie H. Dallaire, McCarter & English, LLP, Wilmington, DE for appellants.
    for defendant: Robert S. Saunders, Jenness E. Parker, Bonnie W. David, Lilianna Anh P. Townsend, Trevor T. Nielson, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Eben P. Colby, Marley Ann Brumme, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA for appellee.

    Case Number: D69864

    Board committee action approving omnibus agreement moving company's assets into a "NewCo" was invalid where company's charter required approval of one class of shareholders for "asset transfers."

  • In re Vaxart, Inc. Stockholder Litig.

    Publication Date: 2022-06-21
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Stephen E. Jenkins, F. Troupe Mickler, IV, Ashby & Geddes, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Jeroen van Kwawegen, Daniel E. Meyer, Margaret Sanborn-Lowing, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Gustavo F. Bruckner, Samuel J. Adams, Daryoush Behbood, Pomerantz LLP, New York, NY; Sascha N. Rand, Rollo C. Baker, IV, Silpa Maruri, Jesse Bernstein, Charles H. Sangree, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Stanley D. Bernstein, Matthew Guarnero, Bernstein Liebhard LLP, New York, NY; William J. Fields, Christopher J. Kupka, Samir Shukurov, Fields Kupka & Shukurov LLP, New York, NY for plaintiffs.
    for defendant: Brock E. Czeschin, Andrew L. Milam, Richards Layton & Finger, P.A., Wilmington, DE; Riccardo DeBari, Renee Zaytsev, Thompson Hine, New York, NY; Matthew F. Davis, Abraham C. Schneider, Potter Anderson & Corroon LLP, Wilmington, DE; Douglas A. Rappaport, Kaitlin D. Shapiro, Elizabeth C. Rosen, Madeleine R. Freeman, Akin Gump Strauss Hauer & Feld LLP, New York, NY for defendants.

    Case Number: D69856

    Company's selection to a primate study of its proposed vaccine did not constitute material information to the stockholders' approval of amendments to the equity incentive plan that allowed directors to issue themselves options.