• Bamford v. Penfold, L.P.

    Publication Date: 2020-03-18
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: David J. Margules, Elizabeth A. Sloan, and Brittany M. Giusini, Ballard Spahr LLP, Wilmington, DE; Wallace G. Hilke, Mark S. Enslin, Ballard Spahr LLP, Minneapolis, MN; Jeffrey S. Cianciulli, Weir & Partners, Wilmington, DE; Peter N. Kessler, Kutak Rock LLP, Philadelphia, PA for plaintiffs.
    for defendant: John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE; Marc R. Rosen, Joshua K. Bromberg, Kleinberg, Kaplan, Wolff & Cohen, P.C., New York, NY; William B. Chandler III, Bradley D. Sorrels, Shannon E. German, Daniyal M. Iqbal, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE, attorneys for defendants.

    Case Number: D68910

    Derivative fraud and unjust enrichment claims dismissed as duplicative of plaintiffs' direct claims for breach of fiduciary duties and conversion.

  • Voigt v. Metcalf

    Publication Date: 2020-02-26
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer and David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman and David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; D. Seamus Kaskela, Kaskela Law LLC, Newtown Square, PA for plaintiff.
    for defendant: Gregory P. Williams and Brock E. Czeschin, Richards, Layton & Finger, P.A., Wilmington, DE; Rachelle Silverberg, Caitlin A. Donovan and Drew C. Harris, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants Metcalf, Riley, Affeldt, Kremer, Martinez, Ball, Forbes, Holland and nominal defendant NCI Building Systems. David J. Teklits and Thomas P. Will, Morris, Nichols, Arsht & Tunnell, LLP, Wilmington, DE; Shannon Rose Selden, Susan R. Gittes and Zachary H. Saltzman, Debevoise & Plimpton LLP, New York, NY for defendants Sleeper, VanArsdale, Zrebiec, Berges and Clayton, Dubilier & Rice.

    Case Number: D68892

    Plaintiff alleged sufficient facts that one of the defendants was a controlling shareholder. The court dismissed several individual defendants based on an exculpation clause, but it declined to dismiss claims as to other individual defendants.

  • J.P. Morgan Trust Co. of Delaware v. Fisher

    Publication Date: 2019-12-18
    Practice Area: Trusts and Estates
    Industry: Financial Services and Banking | Legal Services
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard L. Renck, Oderah C. Nwaeze and Jocelyn M. Borowsky, Duane Morris LLP, Wilmington, DE for petitioner.
    for defendant: Jeffrey S. Goddess, Rosenthal, Monhait & Goddess, P.A., Wilmington, DE; Michael H. Friedman, Kurzman Eisenberg Corbin & Lever, LLP, White Plains, NY for respondent Hadley Fisher. Christopher P. Simon and Kevin S. Mann, Cross & Simon LLC, guardian ad litem for Michael Fisher.

    Case Number: D68810

    A trust beneficiary was entitled to the production of documents relating to a trustee's communications with counsel regarding trust administration.

  • PWP Xerion Holdings III LLC v. Red Leaf Resources, LLC

    Publication Date: 2019-11-06
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: S. Michael Sirkin, Benjamin Z. Grossberg and R. Garret Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Jonathan D. Schiller, Christopher D. Belelieu, Karen A. Chesley and Gary R. Studen of Boies Schiller Flexner LLP, New York, NY for plaintiff.
    for defendant: Michael A. Pittenger, Timothy R. Dudderar, Mathew A. Golden and David M. Hahn, Potter Anderson & Corroon LLP, Wil-mington, DE; Kenneth B. Black, Lauiren A. Shurman and Wesley F. Harward of Stoel Rives LLP, Salt Lake City, UT for de-fendant.

    Case Number: D68764

    Company breached a preferred stockholder's rights by changing its business plan and entering into a settlement with an inter-ested party without first obtaining the necessary consent from the preferred stockholder.

  • Bandera Master Fund LP v. Boardwalk Pipeline Partners, LP

    Publication Date: 2019-10-23
    Practice Area: Corporate Entities
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, J. Peter Shindel, Jr., Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Srinivas M. Raju, Blake Rohrbacher, and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Rolin P. Bissell, Young, Conaway, Stargatt & Taylor LLP, Wilmington, DE; Raniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Lawrence Portnoy, Charles S. Duggan, Gina Cora, Davis Polk & Wardwell LLP, New York, NY; Stephen P. Lamb, Andrew G. Gordon, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.

    Case Number: D68744

    Unitholders plausibly pled general partner's breach of partnership agreement by alleging general partner failed to follow provisions governing resolution of conflict of interest created by general partner's exercise of call right for publicly traded common units.

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  • In re: Appraisal of Stillwater Mining Co.

    Publication Date: 2019-09-04
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Samuel T. Hirzel, II, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Lawrence M. Rolnick, Steven M. Hecht, Jonathan M. Kass and Glenn McGillivray, Lowenstein Sandler LLP, New York, NY for petitioners.
    for defendant: S. Mark Hurd and Lauren Neal Bennett, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; James R. Warnot, Jr., Adam S. Lurie, Brenda D. DiLuigi, Nicole E. Jerry and Elizabeth M. Raulston, Linklaters LLP, New York, NY for respondent.

    Case Number: D68690

    In this statutory appraisal proceeding, the court concluded that the deal price was the most persuasive indicator of fair value at the time of the merger.

  • Urdan v. WR Capital Partners, LLC

    Publication Date: 2019-09-04
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Elena C. Norman, Benjamin M. Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Louis R. Miller, Daniel S. Mil-ler and Jeffery B. White, Miller Barondess, LLP, Los Angeles, CA for plaintiffs.
    for defendant: Kenneth J. Nachbar and Alexandra M. Cumings, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE for defendants.

    Case Number: D68693

    A release provision in a settlement agreement was not effective to preserve plaintiffs' rights to pursue derivative or direct claims, because they had already sold their shares pursuant to separate repurchase agreements.

  • Clark v. Davenport

    Publication Date: 2019-07-31
    Practice Area: Business Torts
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Robert A. Penza and Christina M. Belitz, Polsinelli PC, Wilmington, DE for plaintiff.
    for defendant: Andrew D. Cordo, F. Troupe Mickler IV, and Hayley M. Lenahan, Ashby & Geddes, P.A., Wilmington, DE; David A. Felice, Bailey & Glasser, LLP, Wilmington, DE for defendants.

    Case Number: D68647

    Fraud claims arising from investment in business sustained where plaintiff alleged defendant made specific misrepresentations to induce plaintiff's investment.

  • Sciabacucchi v. Salzberg

    Publication Date: 2019-07-24
    Practice Area: Attorney Rates and Arrangements | Corporate Entities
    Industry: Consumer Products | Food and Beverage | Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Kurt M. Heyman and Melissa N. Donimirski, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Jason M. Leviton and Joel A. Fleming, Block & Leviton LLP, Boston, MA for plaintiff.
    for defendant: William B. Chandler III, Randy J. Holland, Bradley D. Sorrels, Lindsay Kwoka Faccenda, Boris Feldman and David J. Berger, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE and Palo Alto, CA for defendants Lake, Anderson, Gurley, Hansen, McCollam, Wood, Ahuja, Carolan, Hastings, Hendricks, Hunt, Leff, Rothrock and nominal defendants Stitch Fix, Inc. and Roku, Inc. Catherine G. Dearlove and Sarah T. Andrade, Richards, Layton & Finger, P.A., Wilmington, DE; Michael G. Bon-giorno and Timothy J. Perla, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY and Boston, MA for defendants Salz-berg, Bradley, Cool, Fox, Goodman, Hirshberg, Kelley and nominal defendant Blue Apron Holdings, Inc.

    Case Number: D68642

    The attorney fees sought by plaintiff were reasonable, so the court ordered each of the nominal defendants to pay one-third of the award.

  • AG Oncon, LLC v. Ligand Pharm. Inc.

    Publication Date: 2019-06-05
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Elena C. Norman and Daniel M. Kirshenbaum, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Keith N. Sambur, Martin G. Durkin, and Andrew T. Gillespie, Holland & Knight, LLP, New York, NY for plaintiffs
    for defendant: David E. Ross, Jr. and R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Blair Connelly and Zachary L. Rowen, Latham & Watkins LLP, New York, NY for defendant.

    Case Number: D68582

    Convertible note issuer could amend indenture's conversion formula where indenture expressly authorized issuer to conform to the terms of the offering memorandum.