Colorado Baker's Supreme Court Case Could Upend Corporation-Shareholder Relationship
The Colorado man who refused to bake a wedding cake for a gay couple—a dispute now at the heart of a U.S. Supreme Court case—isn’t the only party to his challenge. His company, Masterpiece Cakeshop, is also a party, and a decision in favor of the baker could have wider implications for corporations and shareholders.
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A Delaware vice chancellor on Monday delayed making his ruling on a shareholder suit accusing Straight Path Communications Inc. of allowing its controller to funnel "hundreds of millions" of dollars' worth of assets away from the company as a part of its planned $3.1 billion sale to Verizon.
The custodian appointed to oversee the court-ordered sale of TransPerfect Global Inc. has told employees that Philip R. Shawe had reached an agreement to buy out the shares of rival Elizabeth Elting, an unexpected move that could resolve years of heated litigation over control of the profitable translation-services company.
Investors had accused the online review site of propping up its earnings by coercing businesses into buying ads to get fake negative reviews removed.
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