• In re Kraft Heinz Co.

    Publication Date: 2021-12-28
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey Gorris, Christopher M. Foulds, Friedlander & Gorris P.A., Wilmington, DE; P. Bradford deLeeuw, Deleeuw Law LLC, Wilmington, DE; David A. Jenkins, Robert K. Beste III, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Eduard Korsinsky, Gregory M. Nespole, Nicholas I. Porritt, Daniel Tepper, Levi & Korsinsky LLP, New York, NY; Jeffrey S. Abraham, Mitchell M. Z. Twersky, Atara Hirsch, Michael J. Klein, Abraham, Fruchter & Twersky, LLP, New York, NY; Lawrence P. Eagel, W. Scott Holleman, Melissa A. Fortunato, Marion C. Passmore, Bragar Eagel & Squire, P.C., New York, NY; Michael VanOverbeke, Vanoverbeke, Michaud & Timmony, P.C., Detroit, MI; Deborah Sturman, Sturman LLC, New York, NY for plaintiffs.
    for defendant: Michael A. Pittenger, Jacqueline A. Rogers, Caneel Radinson-Blasucci, Potter Anderson & Corroon LLP, Wilmington, DE; Sandra C. Goldstein, Stefan Atkinson, Kevin M. Neylan, Jr., Kirkland & Ellis LLP, New York, NY; Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Daniel J. Kramer, Andrew J. Ehrlich, William A. Clareman, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.

    Case Number: D69657

    The court held that plaintiffs failed to plead sufficient allegations that a majority of the demand board was interested in a stock sale transaction such that demand would be excused.

  • Fortis Advisors LLC v. Johnson & Johnson

    Publication Date: 2021-12-28
    Practice Area: Contractual Disputes
    Industry: Health Care | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Bradley R. Aronstam, Roger S. Stronach, Ross, Aronstam & Moritz LLP, Wilmington, DE; Philippe Z. Selendy, Andrew R. Dunlap, Sean P. Baldwin, Joshua S. Margolin, Greg Wolfe, Vivek Tata, Selendy & Gay LLC, New York, NY; Martin S. Schenker, Jeffrey S. Karr, Cooley LLP, San Francisco, CA; Daniel J. Pohlman, Daniel P. Roy III, Cooley LLP, New York, NY for plaintiff.
    for defendant: William M. Lafferty, Susan W. Waesco, Elizabeth A. Mullin, Morris, Nichols, Arsht, & Tunnel LLP, Wilmington, DE; Gary A. Bornstein, Damaris Hernández, LLP, New York, NY for defendants.

    Case Number: D69655

    The court denied defendants' motion to dismiss plaintiffs' claims of common law fraud, breach of implied covenant of good faith, entitlement to recission based upon mutual mistake, and unjust enrichment.

  • Swift v. Houston Wire & Cable Company

    Publication Date: 2021-12-21
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor P.A., Wilmington, DE; W. Scott Holleman, Garam Choe, Bragar Eagel & Squire, P.C., New York, NY for plaintiff.
    for defendant: Mark Hurd, Miranda Gilbert, Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, DE; Kayvan Sadeghi, Schiff Hardin LLP, New York, NY; Jin Yan, Schiff Hardin LLP, Chicago, IL for defendant.

    Case Number: D69647

    The court held that plaintiff did not have standing to file a suit to compel production of books and records of corporation be-cause, at the time of initiating litigation, plaintiff was not a stockholder in the corporation.

  • Drachman v. Cukier

    Publication Date: 2021-11-16
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, Anisha Mirchandani, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiffs.
    for defendant: Blake Rohrbacher, Alexander M. Krischik, Richards, Layton & Finger, P.A., Wilmington, DE; Caroline H. Bullerjahn, Goodwin Procter LLP, Boston, MA; Peter B. Ladig, Brett M. McCartney, Bayard P.A., Wilmington, DE for defendants.

    Case Number: D69606

    The court held that plaintiffs' amended complaint satisfied pleading requirements for a claim of breach of fiduciary duty concerning board approval and implementation of charter amendments where 1) plaintiffs made a valid demand on the board to correct a violation and 2) the allegations supported an inference that the demand was wrongfully refused.

  • Chertok v. Zillow, Inc.

    Publication Date: 2021-11-02
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Michael J. Maimone, Barnes & Thornburg LLP, Wilmington, DE for plaintiffs.
    for defendant: Geoffrey G. Grivner, Kody M. Sparks, Buchanan Ingersoll & Rooney PC, Wilmington, DE for defendant.

    Case Number: D69590

    Complaint seeking contractual remedies from a merger, filed six years after the closing of the merger transaction, was patently untimely under the applicable statute of limitations.

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  • Firemen's Ret. Fund of St. Louis v. Sorenson

    Publication Date: 2021-10-20
    Practice Area: Corporate Governance
    Industry: Hospitality and Lodging | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Samuel L. Closic, Eric Juray, Prickett, Jones & Elliot, P.A., Wilmington, DE; Brian J. Robbins, Craig W. Smith, Gregory E. Del Gaizo, Emily R. Bishop, Robbins LLP, San Diego, CA for plaintiff
    for defendant: Raymond J. DiCamillo, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Jason J. Mendro, Jeffrey S. Rosenberg, Gibson, Dunn & Crutcher LLP, Washington, D.C.; Adam H. Offenhartz, Laura Kathryn O’Boyle, Gibson, Dunn & Crutcher LLP, New York, NY for defendants.

    Case Number: D69575

    The court dismissed breach of fiduciary duty claims brought against directors arising out of a data breach because certain claims were time-barred, and plaintiff failed to allege sufficient facts of failure of oversight by directors.

  • AffiniPay, LLC v. West

    Publication Date: 2021-10-06
    Practice Area: Dispute Resolution
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Rudolf Koch, Ryan D. Konstanzer, Richards, Layton, & Finger, P.A., Wilmington, DE; Joseph P. Rockers, Batoul Husain, Goodwin Procter LLP, Boston, MA for plaintiffs.
    for defendant: Peter B. Ladig, Thad J. Bracegirdle, Justin C. Barrett, Bayard, P.A., Wilmington, DE for defendant.

    Case Number: D69559

    Where the parties' various agreements adopted different dispute resolution procedures, although each version delegated the issue of arbitrability to the arbitrator, the court could exercise subject matter jurisdiction to determine arbitrability where there was no unmistakable evidence that the parties had agreed to submit one party's claims to that party's chosen arbitral forum.

  • In re BGC Partners, Inc. Derivative Litig.

    Publication Date: 2021-10-06
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Christine M Mackintosh, Kimberly A. Evans, Michael D. Bell, Vivek Upadhya, Grant & Eisenhofer P.A., Wilmington, DE; Jeroen van Kwawegen, Christopher J. Orrico, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Richards, Layton & Finger, P.A., Wilmington, DE; Joseph De Simone, Michelle J. Annunziata, Michael Rayfield, Mayer Brown LLP, New York, NY; Matthew E. Fenn, Mayer Brown LLP, Chicago, IL; C. Barr Flinn, Paul Loughman, Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Eric Leon, Nathan Taylor, Latham & Watkins LLP, New York, NY for defendants.

    Case Number: D69563

    Genuine issues of material fact precluded summary judgment on the issue of demand futility, but the court dismissed claims against two director defendants in this derivative action.

  • In Re Zimmer Biomet Holdings Inc. Derivative Litig.

    Publication Date: 2021-09-08
    Practice Area: Corporate Governance
    Industry: Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Richard A. Speirs, Christopher Lometti, Cohen Milstein Sellers & Toll PLLC, New York, NY; Robert C. Schubert, Willem F. Jonckheer, Schubert Jonckheer & Kolbe LLP, San Francisco, CA; Kip B. Shuman, Shuman, Gleen & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Gleen & Stecker, Denver, CO; Brett D. Stecker, Shuman, Gleen & Stecker, Ardmore, PA for plaintiffs.
    for defendant: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Troy S. Brown, Laura Hughes McNally, Brian F. Morris, Karen Pieslak Pohlmann, Morgan, Lewis & Bockius LLP, Philadelphia, PA; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Peter E. Kazanoff, Sara A. Ricciardi, Courtney G. Skarupski, Simpson Thacher & Bartlett LLP, New York, NY; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Daniel V. McCaughey, Erin Macgowan, Ropes & Gray LLP, Boston, MA; Christian Reigstad, Ropes & Gray LLP, New York, NY; Daniel A. Mason, Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew J. Ehrlich, Brette Tannenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Kevin G. Abrams, J. Peter Shindel, Jr., Abrams & Bayliss LLP, Wilmington, DE; Paul Vizcarrondo, John F. Lynch, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: D69527

    Derivative complaint dismissed for failure to plead demand futility where stockholders could not show that a majority of directors possessed non-public information that caused the company to issue material misstatements or omissions, so that as a result the directors did not face a substantial likelihood of liability to excuse the demand requirement.