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Ellis E. Herington, Pepper Hamilton

What obligations does a board of directors owe to a controlling stockholder? What actions can a board of directors take against a controlling stockholder? These and other important questions have been teed up as the Delaware Court of Chancery grapples with the claims brought in the widely discussed case CBS v. National Amusements, C.A. No. 2018-0342-AGB. On May 17, the vourt denied the temporary restraining order (TRO) sought by the plaintiffs because they requested unprecedented relief that would restrain the controller defendants’ exercise of their rights and powers, which could not be equitably granted.

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