• State v. Sweetwater Point, LLC

    Publication Date: 2022-07-12
    Practice Area: Real Estate
    Industry: Real Estate | State and Local Government
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Gerald I.H. Street, John I. Ellis, Street & Ellis, P.A., Dover, DE; Bradley S. Eaby, State of Delaware Department of Justice, Dover, DE for petitioner.
    for defendant: Richard P. Beck, Richard Beck LLC, Centreville, DE; John H. Newcomer, Jr., Morris James LLP, Wilmington, DE for respondents.

    Case Number: D69880

    Motion to equitably divest the state from its superior title to a parcel under the doctrine of acquiescence denied where there was no evidence to charge the state with knowledge of competing party's possessory acts such that the state could be said to have acquiesced to such acts.

  • Buttonwood Tree Value Partners, L.P. v. R.L. Polk & Co, Inc.

    Publication Date: 2022-07-05
    Practice Area: Class Actions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: R. Bruce McNew, Cooch and Taylor, P.A., Wilmington, DE for plaintiffs.
    for defendant: David A. Dorey, Blank Rome LLP, Wilmington, DE; Christopher M. Mason, Nixon Peabody LLP, New York, NY; Carolyn G. Nussbaum, Nixon Peabody LLP, Rochester, NY for defendants.

    Case Number: D69870

    Court certified class of stockholders challenging self-tender transaction for misleading corporate disclosures, where certification was appropriate for the purposes of establish breach of duty and nominal damages, although the question of rescission damages would be individual to each stockholder.

  • Manti Holdings, LLC v. The Carlyle Group Inc.

    Publication Date: 2022-06-21
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rolin P. Bissell, Paul J. Loughman, Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; D. Patrick Long, Jonathan R. Mureen, John Tancabel, Squire Patton Boggs (US) LLP, Dallas, TX for plaintiffs.
    for defendant: Albert H. Manwaring IV, Kirsten Zeberkiewicz, Morris James LLP, Wilmington, DE; Robert A. Van Kirk, Sarah F. Kirkpatrick, Lauren Uhlig, Williams & Connolly LLP, Washington, DC for defendants.

    Case Number: D69857

    Plaintiffs sufficiently pled breach of fiduciary duty claims by alleging that controlling stockholder, who also controlled a majority of the board, was conflicted due to its desire to cash out its investment, which purportedly led it to approve a sale of the company that maximized the controller's return at the expense of the compensation to minority stockholders.

  • In re Geron Corp. Stockholder Derivative Litig.

    Publication Date: 2022-06-21
    Practice Area: Corporate Governance
    Industry: Biotechnology | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Kip B. Shuman, Shuman, Glenn & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Glenn & Stecker, Denver, CO; Brett D. Stecker, Shuman, Glenn & Stecker, Ardmore, PA; Brian J. Robbins, Craig W. Smith, Shane P. Sanders, Emily R. Bishop, Robbins LLP, San Diego, CA; Richard A. Maniskas, RM Law, P.C., Berwyn, PA for plaintiffs.
    for defendant: D. McKinley Measley, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brett De Jarnette, John C. Dwyer, Cooley LLP, Palo Alto, CA; Ryan E. Blair, Cooley LLP, San Diego, CA for defendants.

    Case Number: D69855

    Although plaintiff shareholders' failure of oversight claim was likely to be subsumed by their fraudulent/misleading disclosure claim, the court stayed the action pending the outcome of a related securities action in another jurisdiction that would likely resolve genuine issues of material fact in the present case.

  • In re Global Discovery Biosciences Corp.

    Publication Date: 2022-06-14
    Practice Area: Corporate Governance
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen C. Norman, David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE; Eric Landau, Travis Biffar, Ellenoff Grossman & Schole LLP, Irvine, CA for petitioners.
    for defendant: Corinne E. Amato, Mary S. Thomas, John G. Day, Christine N. Lafferty, Prickett, Jones & Elliott, P.A., Wilmington, DE; Marc P. Miles, Kristy A. Schlesinger, Shook, Hardy & Bacon L.L.P., Irvine, CA for respondent.

    Case Number: D69846

    Court affirmed validity of stockholder consent where evidence was insufficient to establish that purported equity issuances were valid and therefore diluted the ownership interest of the stockholders voting in favor of the consent.

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  • Schoenmann v. Irvin

    Publication Date: 2022-06-14
    Practice Area: Corporate Governance
    Industry: Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stacey A. Scrivani, Stevens & Lee, P.C., Wilmington, DE for plaintiff.
    for defendant: Joanna J. Cline, Christopher B. Chuff, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE for defendants.

    Case Number: D69850

    Direct corporate claims were equitably tolled under statute of limitations where plaintiff, who had superior information rights as member and manager, sufficiently alleged that controller had intentionally manipulated operations and financial records to conceal misconduct.

  • Harris v. Junger

    Publication Date: 2022-06-07
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen E. Jenkins, Richard D. Heins, Ashby & Geddes, Wilmington, DE; Donald J. Enright, Elizabeth K. Tripodi, Brian D. Stewart, Levi & Korsinsky, LLP, Washington, D.C.; D. Seamus Kaskela, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Brock E. Czeschin, Richards, Layton & Finger, P.A., Wilmington, DE; John P. Stigi III, Sheppard, Mullin, Richter, & Hampton LLP, Los Angeles, CA for defendants.

    Case Number: D69840

    Breach of fiduciary claims not dismissed where director who later pled conflict of interest continued to participate in board discussions over merger.

  • Sciabacuccchi v. Liberty Broadband Corp.

    Publication Date: 2022-05-17
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Nathan A. Cook, Block & Leviton LLP, Wilmington, DE; Kurt M. Heyman, Aaron M. Nelson, Melissa N. Donimirski, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Jason M. Leviton, Joel A. Fleming, Lauren G. Milgroom, Block & Leviton LLP, Boston, MA; Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Alla Zayenchik, Thomas James, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: David C. McBride, Martin S. Lessner, James M. Yoch, Jr., Paul J. Loughman, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; William Savitt, Ryan A. McLeod, Anitha Reddy, Adam M. Gogolak, David E. Kirk, Zachary M. David, Wachtell, Lipton, Rosen & Katz, New York, NY; Peter J. Walsh, Jr., Brian C. Ralston, Tyler J. Leavengood, Jaclyn C. Levy, Potter Anderson & Corroon LLP, Wilmington, DE; Richard B. Harper, Baker Botts LLP, New York, NY; Thomas E. O’Brien, Baker Botts LLP, Dallas, TX for defendants.

    Case Number: D69818

    Summary judgment on director fiduciary claims denied where the evidence was not so overwhelming for the court to find, as a matter of law, that a majority of directors were independent and thus the board could exercise its business judgment to enter into challenged transactions.

  • Knight v. Miller

    Publication Date: 2022-05-10
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen E. Jenkins, Tiffany Geyer Lydon, Ashby & Geddes, P.A., Wilmington, DE; Gregory Mark Nespole, Daniel Tepper, Correy A. Kamin, Ryan C. Messina, Levi & Korsinsky, LLP, New York, NY for plaintiff.
    for defendant: Francis G.X. Pileggi, Cheneise V. Wright, Lewis Brisbois Bisgaard & Smith LLP, Wilmington, DE; Gary A. Orseck, Matthew M. Madden, Jason A. Shaffer, Kramer Levin Robbins Russell, Washington, D.C. for defendants.

    Case Number: D69809

    The court found that plaintiff's complaint that challenged equity grants made to directors would be reviewed under the entire fairness standard and withstood a motion to dismiss.

  • Huret v. MondoBrain, Inc.

    Publication Date: 2022-05-10
    Practice Area: Contracts
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael W. McDermott, Peter C. McGivney, Berger Harris LLP, Wilmington, DE for plaintiffs.
    for defendant: James D. Taylor, Jr., Saul Ewing Arnstein & Lehr LLP, Wilmington, DE; Joseph L. Manson III, Law Offices of Joseph L. Manson III, Alexandria, VA for defendants.

    Case Number: D69807

    The court found that director defendant named in a shareholder derivative suit was not entitled to indemnification for his defense costs because the settlement agreement he negotiated did not constitute success on the merits.