• Giesecke+Devrient Mobile Security Am., Inc. v. NXT-ID, Inc.

    Publication Date: 2021-03-31
    Practice Area: Corporate Entities
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Lewis H. Lazarus, K. Tyler O’Connell, Bryan Townsend, Morris James LLP, Wilmington, DE; Aryeh S. Portnoy, Emily Alban, Crowell & Moring LLP, Washington, DC for plaintiff.
    for defendant: S. Mark Hurd, Alexandra M. Cummings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael T. Sullivan, David E. Danovitch, Clark A. Freeman, Sullivan & Worcester LLP, New York, NY for defendant.

    Case Number: D69345

    The plain language of a contract provided that a holder of preferred stock was entitled to dividends at a higher rate in perpetuity.

  • Golden Rule Fin. Corp. v. Shareholder Representative Serv. LLC

    Publication Date: 2021-02-17
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Michael Maimone, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Randall E. Kahnke, Peter C. Mag-nuson, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN for plaintiff.
    for defendant: David E. Ross, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; Erin C. Johnston, P.C.; McClain Thompson, Mariel A. Brookins, Kirkland & Ellis LLP, New York, NY for defendant.

    Case Number: D69297

    In this post-merger dispute, the court granted the seller's motion for dismissal of plaintiff's complaint be-cause the merger agreement specifically identified the accounting principles applicable to the post-closing price adjustment.

  • Lenois v. Lawal

    Publication Date: 2021-01-27
    Practice Area: Corporate Entities
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Michael J. Barry, Rebecca Musarra, Grant & Eisenhofer, P.A., Wilmington, DE; Gordon Z. Novod, Grant & Eisenhofer, P.A., New York, NY; Peter B. Andrews, Craig J. Springer, Jessica Zeldin, David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy Friedman, Spencer Oster, David Tejtel, Friedman Oster & Tejtel PLLC, New York, NY for plaintiff.
    for defendant: Myron T. Steele, Matthew F. Davis, Jaclyn C. Levy, Potter, Anderson & Corroon LLP, Wilmington, DE; David T. Moran, Christopher R. Bankler, Jackson Walker L.L.P., Dallas, TX; David J. Teklits, Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mark Oakes and Ryan Meltzer, Norton Rose Fulbright US LLP, Austin, TX; John Byron, Norton Rose Fulbright US LLP, Houston, TX; Srinivas M. Raju, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Greg Waller, Hunton Andrews Kurth L.L.P., Houston, TX for defendants.

    Case Number: D69272

    Bankruptcy trustee could not substitute for derivative plaintiff and assert claims subject to final judgment on behalf of the company where the "newly discovered evidence" in support of relief from judgment was in the company's possession and therefore knowledge of the evidence would be imputed to the trustee.

  • Alexandria Venture Invs., LLC v. Verseau Therapeutics, Inc.

    Publication Date: 2021-01-06
    Practice Area: Corporate Entities
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Raymond J. DiCamillo, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Luke Cadigan, Cooley LLP, Boston, MA; Patrick Gunn, Cooley LLP, San Francisco, CA for plaintiffs
    for defendant: David J. Teklits, Thomas P. Will, Morris, Nichols, Arsht, & Tunnell LLP, Wilmington, DE for defendant.

    Case Number: D69246

    Stockholder whose financing proposal was rejected by the board was entitled to limited inspection of books and records after raising reasonable inferences that directors' decision to reject the proposal may have been motivated by conflicts and self-interest.

  • Int'l Rail Partners LLC v. Am. Rail Partners, LLC

    Publication Date: 2020-12-09
    Practice Area: Fee Disputes
    Industry: Transportation
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Brian R. Lemon, Andrew S. Dupre, Stephanie Dallaire, McCarter & English, LLP, Wilmington, DE for plaintiffs.
    for defendant: Elizabeth S. Fenton, Saul Ewing Arnstein & Lehr LLP, Wilmington, DE; Stephen Novack, Joshua E. Liebman, Novack and Macey LLP, Chicago IL for defendant.

    Case Number: D69217

    An advancement provision in an LLC agreement was very broad, so the court granted plaintiffs' motion for judgment on the pleadings regarding their entitlement to fees.

  • Roma Landmark Theaters, LLC v. Cohen Exhibition Co., LLC

    Publication Date: 2020-10-14
    Practice Area: Mergers and Acquisitions
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Garrett B. Moritz, Anne M. Steadman, Ross Aronstam & Moritz LLP, Wilmington, DE; Marshall R. King, Hannah E. Kirshner, Gibson, Dunn & Crutcher LLP, New York, NY for plaintiffs.
    for defendant: Kevin M. Gallagher, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Donald A. Harwood, Simon W. Reiff, Harwood Reiff LLC, New York, NY for defendant.

    Case Number: D69155

    Defendant adequately stated a counterclaim for fraud, but the court dismissed the remainder of its counterclaims.

  • iBio, Inc. v. Fraunhofer USA, Inc.

    Publication Date: 2020-10-14
    Practice Area: Contracts
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: David E. Ross, Eric D. Selden, Ross Aronstam & Moritz LLP, Wilmington, DE; Reed S. Oslan, Mark W. Premo-Hopkins, Britt Cramer, Lee M. Mason, Kirkland & Ellis LLP, Chicago, IL for plaintiff.
    for defendant: Todd C. Schiltz, Drinker Biddle & Reath LLP, Wilmington, DE; Paul H. Saint-Antoine, D. Alicia Hickok, Richard E. Coe, Mark D. Taticchi, Drinker Biddle & Reath LLP, Philadelphia, PA for defendant.

    Case Number: D69151

    Fraud, unjust enrichment and conversion claims arising from alleged breach of technology development and transfer agreement dismissed on summary judgment where such claims were merely bootstrapped or were otherwise preempted by existing contractual and statutory trade secret claims.

  • Fannin v. UMTH Land Dev., L.P.

    Publication Date: 2020-09-16
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Robert J. Kriner, Jr. and Tiffany J. Cramer, Chimicles Schwartz Kriner & Donaldson-Smith LLP, Wilmington, DE for plaintiffs.
    for defendant: Steven L. Caponi, K&L Gates LLP, Wilmington, DE; John W. Rotunno, Paul J. Walsen, Joseph C. Wylie II, Molly K. McGinley, Matthew A. Alvis, K&L Gates LLP, Chicago, IL; Myron T. Steele, Timothy R. Dudderar, Jacqueline A. Rogers, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: D69118

    Limited partners' fiduciary claims survived dismissal where limited partners could rely on misleading disclosures regarding challenged transactions, where the general partners and controllers failed to eliminate fiduciary duties from the partnership agreement, and where general partner's financial interest in challenged transactions was sufficient to establish demand futility.

  • Swipe Acquisition Corp. v. Krauss

    Publication Date: 2020-09-09
    Practice Area: Deals and Transactions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: David E. Ross and S. Michael Sirkin, Ross Aranstam & Moritz LLP, Wilmington, DE; Michael Farhang, Ari Lanin and Samuel A. Spears, Gibson, Dunn & Crutcher LLP, Los Angeles, CA for plaintiff.
    for defendant: Michael F. Bonkowski, Cole Schotz, P.C., Wilmington, DE; Kevin A. Reck, Kara M. Wick and Emily Lang, Foley & Lardner LLP, Orlando, FL; Louis J. Rizzo, Jr., Reger Rizzo & Darnell LLP, Wilmington, DE; William E. Shmidheiser, III, Flora Pettit, Harrisonburg; Raymond H. Lemisch, Klehr, Harrison, Harvey & Branzburg LLP, Wilmington, DE for defendants.

    Case Number: D69114

    Buyers stated claims for breach of contract, indemnity and fraud in connection with the sale of a business, because sellers failed to disclose important customer information.

  • Fannin v. UMTH Land Dev. L.P.

    Publication Date: 2020-08-19
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Robert J. Kriner, Jr. and Tiffany J. Cramer, Chimicles Schwartz Kriner & Donaldson-Smith LLP, Wilmington, DE for plaintiffs.
    for defendant: Steven L. Caponi, K&L Gates LLP, Wilmington, DE; John W. Rotunno, Paul J. Walsen, Joseph C. Wylie II, Molly K. McGinley, Matthew A. Alvis, K&L Gates LLP, Chicago, IL; Myron T. Steele, Timothy R. Dudderar, Jacqueline A. Rogers, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: D69086

    Court declined to dismiss breach of fiduciary duty claims where general partner and controller affiliates had not removed fiduciary duties from the partnership agreement and where plaintiffs were entitled to rely on disclosures related to challenged transactions and thus were not on inquiry notice of their claims.