A Delaware corporation's board of directors may favor the interests of one stockholder class over another to maximize a company's value, the Court of Chancery has ruled.
In issuing the opinion, the court rejected the claims of a language software manufacturer's common shareholders who filed a breach of fiduciary duty claim against the company's board after they received nothing for their stock in a merger, despite a $49.2 million benefit conferred upon the company's preferred shareholders.
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