• KnowledgeLake, Inc. v. PFU Am. Group Mgmt., Inc.

    Publication Date: 2023-04-25
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Greenaway
    Attorneys: For plaintiff:
    for defendant:

    Case Number: 21-3207

    Pre-signing efforts to collect past-due invoice did not breach representations in stock purchase agreement and were not outside the ordinary course of business.

  • Merck & Co., Inc. v. Bayer AG

    Publication Date: 2023-04-18
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Cook
    Attorneys: For plaintiff: James D. Taylor, Jr., Saul Ewing LLP, Wilmington, DE; Amy S. Kline, Saul Ewing LLP, Philadelphia, PA; Joseph D. Lipchitz, Saul Ewing LLP, Boston, MA for plaintiff.
    for defendant: Rudolf Koch, Kyle H. Lachmund, Kevin M. Kidwell, Richards, Layton & Finger, P.A., Wilmington, DE; Dustin F. Guzior, Y. Carson Zhou, Sullivan & Cromwell LLP, New York, NY for defendant.

    Case Number: 2021-0838-NAC

    Asset purchase agreement unambiguously gave seller of product lines perpetual liability for product liability claims for product sold prior to closing, such that the contract's clause sunsetting certain indemnification rights did not apply to the provision allocating third-party liabilities.

  • In re Pattern Energy Group. Inc. Sec. Litig.

    Publication Date: 2023-04-11
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Sue L. Robinson, Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Andrew J. Entwistle, Entwistle & Cappucci LLP, Austin, TX; Vincent R. Cappucci, Arthur V. Nealon, Brendan J. Brodeur, Jonathan H. Beemer, Jessica A. Margulis, Entwistle & Cappucci LLP, New York, NY; Marc M. Seltzer, Krysta Kauble Pachman, Susman Godfrey L.L.P., Los Angeles, CA for plaintiffs.
    for defendant: A. Thompson Bayliss, April M. Ferraro, Christopher Fitzpatrick Cannataro, Abrams & Bayliss LLP, Wilmington, DE; Alan S. Goudiss, K. Mallory Brennan, Sherman & Sterling LLP, New York, NY; Christian E. Myrold, Shearman & Sterling LLP, San Francisco, CA; Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Jaren Janghorbani, Geoffrey Chepiga, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.

    Case Number: 20-275 (MN) (JLH)

    Court hearing claims under §14(a) properly excluded shareholders who sold their stock after the merger approval vote but before closing, since their alleged pecuniary injury did not directly arise from the challenged merger.

  • Golden v. ShootProof Holdings, LP

    Publication Date: 2023-03-14
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael A. Barlow, Abrams & Bayliss LLP, Wilmington, DE; Rollo C. Baker, IV, Margaret Schmidt, Quinn Emanuel Urquhart & Sullivan, New York, NY for plaintiff.
    for defendant: Bradley R. Aronstam, S. Reiko Rogozen, Holly E. Newell, Ross Aronstam & Moritz LLP, Wilmington, DE; Yehudah L. Buchweitz, Joshua S. Amsel, Andrew Cauchi, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: 2022-0434-MTZ

    Complaint based on false representations made during merger negotiations barred by antireliance and integration clauses of the parties' merger agreement, which did not run afoul of Washington state antiwaiver laws.

  • White Winston Select Asset Funds, LLC v. Good Times Rests, Inc.

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Bibas
    Attorneys: For plaintiff: Richard Alan Barkasy, Stephen A. Fogdall, Kristi JoLynn Doughty, Schnader, Harrison, Segal & Lewis LLP, Wilmington, DE for plaintiffs.
    for defendant: Catherine A. Gaul, Michael Dean Walker, Jr., Ashby & Geddes, Wilmington, DE; Davis G. Mosmeyer III, Peter L. Loh, Sara A. Brown, Foley & Lardner LLP, Dallas, TX for defendant.

    Case Number: 19-cv-02092-SB

    Breach of duty to negotiate in good faith claim rejected where parties' non-binding letter of intent let seller walk away for any reason and seller continued to pursue the transaction up until new financial performance data motivated seller to ask for higher price, where the evidence showed that seller would have consummated the transaction at that higher price.

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  • HighTower Holding, LLC v. Gibson

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Daniel C. Herr, Law Office of Daniel C. Herr LLC, Wilmington, DE; Matthew D. Henneman, Scott D. Smith, Henneman Rau Kirklin & Smith LLP, Houston, TX for plaintiff.
    for defendant: John H. Newcomer, Jr., Morris James LLP, Wilmington, DE; Andrew P. Campbell, Todd Campbell, Erin G. Godwin, Campbell Partners, LLC, Birmingham, AL for defendant.

    Case Number: 2022-0086-LWW

    Preliminary injunction denied where plaintiff was unlikely to succeed on merits of breach of non-compete claim where Alabama law would likely apply despite the parties' Delaware choice-of-law provision as the non-compete would offend Alabama public policy and give it the weightier interest in the case.

  • Franklin v. Glenhill Advisors LLC

    Publication Date: 2023-02-14
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for plaintiff.
    for defendant: F. Troupe Mickler IV, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE; John B. Horgan, Joanna R. Cohen, Ellenoff Grossman & Schole LLP, New York, NY; John D. Hendershot, Andrew L. Milam, Melissa A. Lagoumis, Richards, Layton & Finger, P.A., Wilmington, DE; Bryan B. House, Foley & Lardner LLP, Milwaukee, WI; Scott J. Leonhardt, Jason A. Gibson, The Rosner Law Group LLC, Wilmington, DE; S. Preston Ricardo, Golenbock Eiseman Assor Bell & Peskoe LLP, New York, NY for defendants.

    Case Number: 2021-1119-LWW

    Court declined to vacate judgment where alleged new evidence was already known to plaintiff and plaintiff failed to plead the existence of any fraud, and where plaintiff waited more than two years to file his motion, choosing instead to relitigate the issues in another jurisdiction in the interim.

  • In re Orbit/FR, Inc. Stockholders Litig.

    Publication Date: 2023-02-07
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, E. Wade Houston, G. Mason Thomson, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Ashley R. Altschuler, Ethan H. Townsend, Harrison S. Carpenter, Kevin M. Regan, McDermott Will & Emery LLP, Wilmington, DE; Daniel M. Silver, Benjamin A. Smyth, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Henry E. Gallagher Jr., Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: 2018-0340-SG

    Allegations of a personal relationship between special committee director and potentially interested director were insufficient to impute a conflict of interest to the special committee director, whose independence was not challenged by any personal interest in the merger transaction or bad faith actions.

  • In Re Orbit/FR, Inc. v. Stockholders Litig.

    Publication Date: 2023-01-24
    Practice Area: Mergers and Acquisitions
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, E. Wade Houston, G. Mason Thompson, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Ashley R. Altschuler, Ethan H. Townsend, Harrison S. Carptenter, Kevin M. Regan, McDermott Will & Emery LLP, Wilmington, DE; Daniel M. Silver, Benjamin A. Smyth, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Henry E. Gallagher Jr., Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: 2018-0340-SG

    The court denied defendants' motion to dismiss claims arising out of challenged merger and acquisition.

  • Smart Local Unions & Councils Pension Fund v. BridgeBio Pharma, Inc.

    Publication Date: 2023-01-10
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fiorvanti
    Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Saxena White P.A, White Plains, NY; Gregory V. Varallo, Berstein Litowitz Berger & Grossmann LLP, Wilmington, DE: Mark Lebovitch, Berstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy Friedman, Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: Cliff C. Gardner, Andrew D. Kinsey, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.

    Case Number: 2021-1030-PAF

    The court granted defendant's motion to dismiss finding that plaintiffs failed to plead sufficient facts to demonstrate that the business judgment rule should not apply to a complaint challenging a merger transaction between defendant majority stockholder and another company.