The Delaware Supreme Court on Monday effectively revived a shareholder suit challenging Fresh Market Inc.’s $1.4 billion acquisition by a private equity firm, in an opinion that served as a “cautionary reminder” that partial disclosures cannot secure business-judgment protections under the Corwin doctrine.
A three-judge panel of the high court reversed the Delaware Court of Chancery’s dismissal last year of investor Elizabeth Morrison’s claims that members of the family that founded Fresh Market colluded with Apollo Global Management to sell the grocery chain on the cheap in order to increase their equity stake after the sale closed.
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