Delaware Supreme Court Passes On $100M Twitter Pre-IPO Dispute
A three-member panel of the Delaware Supreme Court last week refused to take up an appeal of a Superior Court decision to let stand breach-of-contract claims brought against Twitter Inc. by Cayman Islands entities, which alleged the social media giant had shut them out of an agreement to buy Twitter's pre-initial public offering shares.
January 12, 2016 at 10:34 PM
3 minute read
The original version of this story was published on Delaware Law Weekly
A three-member panel of the Delaware Supreme Court last week refused to take up an appeal of a Superior Court decision to let stand breach-of-contract claims brought against Twitter Inc. by Cayman Islands entities, which alleged the social media giant had shut them out of an agreement to buy Twitter's pre-initial public offering shares.
In a three-page order published Jan. 5 in Twitter v. 1 Oak Private Equity Venture Capital Ltd., Justice Collins J. Seitz Jr. said an interlocutory review was not warranted in the case, which dates back to January 2012.
According to court documents, Twitter, a Delaware corporation that primarily does business in California, and managing partner 1 Oak approved a mutual nondisclosure agreement in order to exchange confidential business information for use in “evaluating a potential business transaction between the parties.” The goal was to assemble a group of sophisticated investors who would invest a minimum of $100 million to purchase pre-IPO shares of Twitter.
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