Plaintiffs alleging an insider transaction weren't eligible to file a derivative suit involving the company's 2019 IPO because they were challenging terms of a deal agreed to before they purchased stock, despite owning shares before it took place.
June 01, 2021 at 05:58 PM
3 minute read
A Court of Chancery case challenging insider transactions made as part of SmileDirectClub Inc.’s initial public offering has been dismissed for a lack of standing.
The shareholders who filed the complaint against the direct-to-consumer orthodontia company, Vice Chancellor Morgan T. Zurn determined, weren’t eligible to file a derivative suit because they were challenging terms of a transaction agreed to before they purchased stock, despite owning shares before the transaction went through.
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