Lawyers who practice in the Delaware Court of Chancery probably can recite the shorthand rule that, for most claims, the Court of Chancery will decide whether a claim is filed too late by application of the statute of limitations by analogy. In application, however, the rule is not quite that simple, nor is it applied consistently. In Kraft v. WisdomTree Investments, C.A. No. 10816-CB (Del. Ch. Aug. 3, 2016), the Court of Chancery waded through the murk to bring some clarity to the analysis.
In Kraft, the plaintiff sought to challenge the issuance of shares in 2000 to the defendant in exchange for the defendant’s agreement to provide print and online advertising services to Tradeworx Inc. Shortly after issuance of the shares, WisdomTree disclosed that it was having financial difficulty and sold or discontinued certain of the print magazines in which it had agreed to provide advertising for Tradeworx.
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