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In re P3 Health Group Holdings, LLC
Publication Date: 2022-11-15
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Bruce E. Jameson, Corinne Elise Amato, Eric J. Juray, Elizabeth Wang, Prickett, Jones & Elliott, P.A., Wilmington, DE; Craig Carpenito, Richard H. Walker, Samuel C. Cortina, King & Spalding LLP, New York, NY, for Hudson Vegas Investment SPV, LLC.
For defendant: William M. Lafferty, Kevin M. Coen, Ryan D. Stottmann, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for Jessica Puathasnanon and P3 Health Group Holdings, LLC. Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk IV, Potter Anderson & Corroon LLP, Wilmington, DE; William K. Kane, Sheppard Mullin, Richter & Hampton LLP, Chicago, IL; James C. Wald, Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for Chicago Pacific Founders Fund, L.P., CPF P3 Splitter, LLC, Greg Kazarian, Larry Leisure, Mary Tolan, Sameer Mathur. Elena C. Norman, Paul J. Loughman, Lakshmi A. Muthu, Alberto E. Chávez, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for Sherif W. Abdou, Amir Bacchus, Gary Garrett, Lorie Glisson, Taylor Leavitt, and Tom Price.
Case number: 2021-0518-JTL

The court granted defendants' motions to dismiss in part.

In re P3 Health Group Holdings, LLC
Publication Date: 2022-11-08
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Chancellor Laster
Attorneys:
For plaintiff: Bruce E. Jameson, Corinne Elise Amato, Eric J. Juray, Elizabeth Wang, Prickett, Jones & Elliott, P.A., Wilmington, DE; Craig Carpenito, Richard H. Walker, Samuel C. Cortina, King & Spalding LLP, New York, NY for Hudson Vegas Investment SPV, LLC. William M. Lafferty, Kevin M. Coen, Ryan D. Stottmann, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for Jessica Puathasnanon and P3 Health Group Holdings, LLC.
For defendant: Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk IV, Potter Anderson & Corroon LLP, Wilmington, DE; William K. Kane, Sheppard Mullin, Richter & Hampton LLP, Chicago, Il; James C. Wald, Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for Chicago Pacific Founders Fund, L.P., CPF P3 Splitter, LLC, Greg Kazarian, Larry Leisure, Mary Tolan and Sameer Mathur. Elena C. Norman, Paul J. Loughman, Lakshmi A. Muthu, Alberto E. Chávez, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for Sherif W. Abdou, Amir Bacchus, Gary Garrett, Lorie Glisson, Taylor Leavitt, and Tom Price.
Case number: 2021-0518-JTL

Court denied a motion to dismiss for lack of personal jurisdiction finding that the defendant, although not an official manager of the LLC, had participated "materially" in a managerial capacity.

November 03, 2022 | Delaware Business Court Insider

Case Over Musk Offer for Twitter Remains Open a Week After Deal Was Closed

The billionaire entrepreneur has taken the reins of the microblogging platform but Chancellor Kathaleen McCormick said there are still have shareholder concerns to work out.
2 minute read
In Re P3Health Group Holdings. LLC
Publication Date: 2022-11-01
Practice Area: Mergers and Acquisitions
Industry: Health Care | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Bruce E. Jameson, Corinne Elise Amato, Eric J. Juray, Elizabeth Wang, Prickett, Jones & Elliott, P.A., Wilmington, DE; Craig Carpenito, Richard H. Walker, Samuel C. Cortina, King & Spalding LLP, New York, NY for Hudson Vegas Investment SPV, LLC
For defendant: William M. Lafferty, Kevin M. Coen, Ryan D. Stottmann, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for Jessica Puathasnanon and P3 Health Group Holdings, LLC; Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk Iv, Potter Anderson & Corroon LLP Wilmington, DE; William K. Kane, Sheppard Mullin, Richter & Hampton LLP, Chicago, IL; James C. Wald, Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for Chicago Pacific Founders Fund, L.P., CPF P3 Splitter, LLC, Greg Kazarian, Larry Leisure, Mary Tolan, Sameer Mathur; Elena C. Norman, Paul J. Loughman, Lakshmi A. Muthu, Alberto E. Chávez, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for Sherif W. Abdou, Amir Bacchus, Gary Garrett, Lorie Glisson, Taylor Leavitt, and Tom Price; Steven T. Margolin, Samuel L. Moultrie, Corrinne R. Moini, Greenberg Traurig LLP, Wilmington, DE for Foresight Acquisition Corporation, Foresight Acquisition Corporation II and Greg Wasson.
Case number: 2021-0518-JTL

Court denied motion to dismiss finding defendant had sufficient minimum contacts and nexus with the State of Delaware to warrant the court's exercise of personal jurisdiction.

Crispo v. Musk
Publication Date: 2022-10-25
Practice Area: Mergers and Acquisitions
Industry: E-Commerce | Technology Media and Telecom
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys:
For plaintiff: Michael Hanrahan, Samuel L. Closic, John G. Day, Robert B. Lackey, Prickett, Jones & Elliott, P.A., Wilmington, DE; Max Huffman, Joseph A. Pettigrew, Scott+Scott Attorneys at Law LLP, San Diego, CA; Scott R. Jacobsen, Jing-Li Yu, Scott+Scott Attorneys at Law LLP, New York, NY for plaintiff.
For defendant: Edward B. Micheletti, Lauren N. Rosenello, Ryan M. Lindsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Alex Spiro, Andrew J. Rossman, Christopher D. Kercher, Silpa Maruri, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY for defendants.
Case number: 2022-0666-KSJM

Stockholder could not assert breach of merger agreement seeking specific performance where stockholder was not a party to the merger agreement and the terms of the agreement expressly disclaimed any third-party beneficiary status for stockholder.

October 12, 2022 | Delaware Business Court Insider

Dismissal of Bulk of Twitter Shareholder Claims Still Leaves Door Ajar for Recovery of Damages

Delaware law makes it difficult for shareholders to qualify as third-party beneficiaries and sue in the place of corporations when making contract claims.
4 minute read
In re P3 Health Group Holdings, LLC
Publication Date: 2022-09-27
Practice Area: Corporate Governance
Industry: Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Laster
Attorneys:
For plaintiff: Bruce E. Jameson, Corinne Elise Amato, Eric J. Juray, Elizabeth Wang, Prickett, Jones & Elliott, P.A., Wilmington, DE; Craig Carpenito, Richard H. Walker, Samuel C. Cortina, King & Spalding LLP, New York, NY for plaintiff.
For defendant: William M. Lafferty, Kevin M. Coen, Ryan D. Stottmann, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk IV, Potter Anderson & Corroon LLP, Wilmington, DE; Elena C. Norman, Paul J. Loughman Lakshmi A. Muthu, Alberto E. Chávez, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for defendants.
Case number: 2021-0518-JTL

The court could exercise personal jurisdiction over the general counsel/chief legal officer of Delaware LLC who by virtue of that position would materially participate in the company's management and therefore would qualify as an acting manager.

September 19, 2022 | Delaware Business Court Insider

'The Contract Is Clear': Musk Attorney Argues Agreement States Twitter Shareholders Can't Sue

Representing Elon Musk, Ed Micheletti of Skadden Arps Slate Meagher & Flom said Twitter shareholders were neither third-party beneficiaries and that claim, along with one for breach of fiduciary duty, should be dismissed.
3 minute read
In re Match Group Inc. Derivative Litig.
Publication Date: 2022-09-13
Practice Area: Deals and Transactions
Industry: E-Commerce | Investments and Investment Advisory | Technology Media and Telecom
Court: Court of Chancery
Judge: Vice Chancellor Zurn
Attorneys:
For plaintiff: Michael Hanrahan, J. Clayton Athey, Corinne E. Amato, Kevin H. Davenport, Jason W. Rigby, Stacey A. Greenspan, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiffs.
For defendant: Blake K. Rohrbacher, Matthew W. Murphy, Sandy Xu, Richards, Layton & Finger, P.A., Wilmington, DE; Maeve O’Connor, Susan R. Gittes, Debevoise & Plimpton LLP, New York, NY; William M. Lafferty, John P. DiTomo, Elizabeth A. Mullin, Morris Nichols Arsht & Tunnell, Wilmington, DE; Theodore N. Mirvis, Alexandra P. Sadinsky, Canem Ozyildirim, Wachtell, Lipton, Rosen & Katz LLP, New York, NY; David E. Ross, Adam D. Gold, Ross Aronstam & Moritz LLP, Wilmington, DE; Blaire Connelly, Latham & Watkins LLP, New York, NY for defendants.
Case number: 2020-0505-MTZ

The court granted a motion to dismiss a complaint challenging a multi-step spinoff initiated by a corporation's controller.

Rivest v. Hauppauge Digital, Inc.
Publication Date: 2022-09-13
Practice Area: Corporate Entities
Industry: Electronics | Investments and Investment Advisory
Court: Court of Chancery
Judge: Chancellor Laster
Attorneys:
For plaintiff: Marcus E. Montejo, Prickett, Jones & Elliott, P.A., Wilmington, DE for plaintiff;
For defendant: Douglas J. Cummings, DCummings Law, LLC, Wilmington, DE for defendant.
Case number: 2019-0848-PWG

Court overruled master's recommendations for confidentiality for financial records produced under §220 request where company only managed to cite generalized concerns about loss of customers and suppliers, and shareholder had prevailing interest in obtaining valuation of his shares in long-dark company.

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