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In re Match Group, Inc. Derivative Litig.
Publication Date: 2024-04-15
Practice Area: Mergers and Acquisitions
Industry: E-Commerce | Investments and Investment Advisory | Technology Media and Telecom
Court: Delaware Supreme Court
Judge: Justice Seitz
Attorneys:
For plaintiff: Michael Hanrahan, J. Clayton Athey, Corinne Elise Amato, Kevin H. Davenport, Stacey A. Greenspan, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Lee D. Rudy, Eric L. Zagar, J. Daniel Albert, Maria T. Starling, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Robert D. Klausner, Klausner, Kaufman, Jensen & Levinson, Plantation, FL for appellants.
For defendant: William M. Lafferty, John P. DiTomo, Elizabeth A. Mullin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Theodore N. Mirvis, Jonathan M. Moses, Ryan A. McLeod, Alexandra P. Sadinsky, Canem Ozyildirim, Wachtell, Lipton, Rosen & Katz, New York, NY; Blake Rohrbacher, Matthew W. Murphy, Sandy Xu, Richards, Layton & Finger, P.A., Wilmington, DE; Maeve O’Connor, Susan R. Gittes, Amy C. Zimmerman, Debevoise & Plimpton LLP, New York, NY; David E. Ross, Adam D. Gold, Ross Aronstam & Moritz LLP, Wilmington, DE; Joshua G. Hamilton, Meryn C.N. Grant, Latham & Watkins LLP, Los Angeles, CA; Blair Connelly, Latham & Watkins LLP, New York, NY; Michele D. Johnson, Latham & Watkins LLP, Costa Mesa, CA for appellees.
Case number: 368, 2022

Chancery court erroneously applied business judgment rule to review transaction where controlling stockholder stood on both sides and received a non-ratable benefit where not all members of the company's separation committee were independent from the controller.

Travelers Cas. & Surety Co. of Am. v. Blackbaud, Inc.
Publication Date: 2024-04-08
Practice Area: Insurance Law
Industry: E-Commerce | Insurance | Non-Profit
Court: Delaware Superior Court
Judge: Judge Miller
Attorneys:
For plaintiff: Wade A. Adams, Law Offices of Wade A. Adams, III, Newark, DE; Kenneth T. Levine, de Luca Levine LLC, East Norriton, PA; Lisa C. McLaughlin, Todd L. Goodman, Phillips, McLaughlin & Hall, P.A., Wilmington, DE for plaintiffs.
For defendant: John P. DiTomo, Emily C. Friedman, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Sarah Fulton Hutchins, Parker Poe Adams & Bernstein LLP, Charlotte, NC; Corri A. Hopkins, Parker Poe Adams & Bernstein LLP, Raleigh, NC for defendant.
Case number: N22C-12-130 KMM

Insurers' subrogation action failed where they failed to identify specific contractual provisions or common law duties of care that were breached by hosting company that suffered a data breach.

Bailey v. Tektronix, Inc.
Publication Date: 2024-03-11
Practice Area: Mergers and Acquisitions
Industry: E-Commerce | Manufacturing | Technology Media and Telecom
Court: U.S. District Court of Delaware
Judge: District Judge Williams
Attorneys:
For plaintiff: Robert Karl Beste, III, Jason Z. Miller, Smith, Katzenstein, & Jenkins LLP, Wilmington, DE for plaintiff.
For defendant: Anthony David Raucci, Donna Lynn Culver, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendant.
Case number: 21-1268-GBW

Retention holdback agreement breached where reasonable interpretation of definition of qualifying revenue meant that the acquiring company hit the revenue goals to trigger the payout.

W. Palm Beach Firefighters' Pension Fund v. Moelis & Co.
Publication Date: 2024-02-26
Practice Area: Corporate Governance
Industry: Financial Services and Banking | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Thomas Curry, Taylor D. Bolton, Saxena White P.A, Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A; Boca Raton, FL for plaintiff.
For defendant: John P. DiTomo, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; William Savitt, Anitha Reddy, Getzel Berger, Emma S. Stein, Wachtell, Lipton, Rosen & Katz, New York, NY for defendant.
Case number: 2023-0309-JTL

Court denied summary judgment dismissal of complaint challenging legality of stockholders' agreement provisions on grounds of laches and ripeness, where equitable defenses could not validate a void contractual provision and where stockholder could launch a facial attack against challenged provisions without having to wait for company controllers to breach fiduciary duties.

Conte v. Greenberg
Publication Date: 2024-02-19
Practice Area: Corporate Governance
Industry: Consumer Products | Manufacturing
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Thomas A. Uebler, Terisa A. Shoremoun, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Kahn Swick & Foti, LLC, New Orleans, LA; Roger A. Sachar, Newman Ferrara LLP, New York, NY; Domenico Minerva, Labaton Sucharow LLP, New York, NY for plaintiff.
For defendant: A. Thompson Bayliss, E. Wade Houston, Eliezer Y. Feinstein, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Brad D. Brian, John M. Gildersleeve, Abraham B. Dyk, Munger, Tolles & Olson LLP, Los Angeles, CA; Kenneth J. Nachbar, Susan W. Waesco, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY; Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Kenneth A. O’Brien, Jr., Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for defendants.
Case number: 2022-0633-MTZ MEMORANDUM OPINION

Plaintiff failed to plead demand futility due to the lack of directors' personal liability for oversight and corporate waste claims, as the failure to implement a formal policy governing executives' personal use of corporate aircraft did not, by itself, amount to bad faith, and any financial loss from personal use constituted a fraction of a percentage of the company's expenses and profits.

CFGI, LLC v. Common C Holdings LP
Publication Date: 2024-02-12
Practice Area: Contracts
Industry: Financial Services and Banking | Consulting | Consumer Products
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys:
For plaintiff: John P. DiTomo, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
For defendant: R. Bruce McNew, R. Grant Dick IV, Andrew A. Ralli, Cooch and Taylor P.A., Wilmington, DE for defendants.
Case number: N23C-03-032 MAA CCLD

Amendment to contract purporting to "accelerate" past due payments lacked consideration where defendant was already making payments.

Perik v. Student Res. Ctr., LLC
Publication Date: 2024-01-29
Practice Area: Corporate Entities
Industry: Education
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
For defendant: Jeffrey J. Lyons, Baker & Hostetler LLP, Wilmington, DE for defendant.
Case number: 2023-0813-MTZ

Court declined to enter summary judgment where there was a genuine issue of material fact as to whether plaintiffs had provided valid consent to the elimination/revocation of their vested advancement rights under the companies' operating agreements upon the amendment/restatement of those agreements.

In re Fox Corp.
Publication Date: 2024-01-29
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory | Technology Media and Telecom
Court: Delaware Supreme Court
Judge: Justice Seitz
Attorneys:
For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for appellants.
For defendant: William B. Chandler III, Brad D. Sorrels, Amy L. Simmerman, Daniyal M. Iqbal, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Mark R. Yohalem, Wilson Sonsini Goodrich & Rosati, P.C., Los Angeles, CA; William M. Lafferty, Susan W. Waesco, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for appellees.
Case number: 2022-1007

Ability to sue corporate officers for fiduciary violations was not a "power, preference, or special right" of a class of stock and thus a proposed amendment to add an officer exculpation clause did not require a separate class vote under the Delaware General Corporation Law.

REGENXBIO Inc. v. Sarepta Therapeutics, Inc.
Publication Date: 2024-01-22
Practice Area: Patent Litigation
Industry: Biotechnology | Pharmaceuticals
Court: U.S. District Court of Delaware
Judge: District Judge Andrews
Attorneys:
For plaintiff: Susan E. Morrison, Casey M. Kraning, Fish & Richardson P.C., Wilmington, DE; Brian D. Coggio, Jeremy T. Saks, Fish & Richardson P.C., New York, NY; Kurt L. Glitzenstein, J. Peter Fasse, Fish & Richardson P.C., Boston, MA, John R. Lane, Fish & Richardson P.C., Houston, TX; Amy M. Dudash, Morgan, Lewis & Bockius LLP, Wilmington, DE; Julie S. Goldemberg, Morgan, Lewis & Bockius LLP, Philadelphia, PA; Janice H. Logan, Morgan, Lewis & Bockius LLP, Washington, DC for plaintiffs.
For defendant: Jack B. Blumenfeld, Derek J. Fahnestock, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; William B. Raich, Michael J. Flibbert, Finnegan, Henderson, Farabow, Garrett & Dunner, LLP, Washington, DC; Andrew M. Berdon, Robert B. Wilson, James E. Baker, Anastasia M. Fernands, Laura Fairneny, Quinn Emanuel Urquhart & Sullivan LLP, New York, NY; Molly Moore, Quinn Emanuel Urquhart & Sullivan LLP, Washington, DC; Charles E. Lipsey, Finnegan, Henderson, Farabow, Garrett & Dunner, LLP, Reston, VA; Steven G. Madison, James Bieber, Quinn Emanuel Urquhart & Sullivan LLP, Los Angeles, CA for defendants.
Case number: 20-1226-RGA

Merely combining natural gene sequences was insufficient to create a patentable invention.

City of Hialeah Employees' Ret. Sys. v. Insight Venture Partners, LLC
Publication Date: 2024-01-08
Practice Area: Mergers and Acquisitions
Industry: Financial Services and Banking | Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A., Boca Raton, FL; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Wilmington, DE, Andrews & Springer LLC for plaintiff.
For defendant: Garrett B. Moritz, S. Reiko Rogozen, Ross Aronstam & Moritz LLP, Wilmington, DE; Steven M. Farina, George A. Borden, Brian T. Gilmore, Williams & Connolly LLP, Washington, DC; William M. Lafferty, Ryan D. Stottmann, Rachel R. Tunney, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Jeffrey B. Korn, Richard Li, Ciara A. Sisco, Willkie Farr & Gallagher LLP, New York, NY for defendants.
Case number: 2022-0846-MTZ

Plaintiff failed to plead demand futility for derivative complaint where controller's ability to remove board members by itself could not establish a lack of independence and a majority of the board's financial ties did not prevent them from exercising independent judgment.

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