On July 7, the Delaware Court of Chancery issued an opinion in Sagarra Inversiones v. Cementos Portland Valderrivas in which the court denied a plaintiff’s motion for a status quo order that would prohibit the defendant from transferring funds pursuant to a stock purchase agreement during the pendency of the litigation.
This case involves a minority shareholder plaintiff’s claims that the defendant forced the acquisition of a company through its self-dealing because of its position as the majority shareholder on both sides of the transaction, which allegedly resulted in an excessive acquisition price being paid to the defendant. In its complaint, the minority shareholder plaintiff sought, among other things, money damages, an order enjoining the payment of additional funds under the stock purchase agreement, and a rescission of the stock purchase agreement.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
