• CCSB Fin. Corp. v. Totta

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Seitz
    Attorneys: For plaintiff: Kevin J. Connors, Aaron E. Moore, Marshall Dennehey Warner Coleman & Goggin, Wilmington, DE; Michael H. McGinley, Rick S. Horvath, Stuart T. Steinberg, Dechert LLP, Philadelphia, PA; Brett A. Scher, Patrick M. Kennell, Kaufman Dolowich & Voluck, LLP, New York, NY for appellant.
    for defendant: Kevin H. Davenport, Eric J. Juray, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for appellees.

    Case Number: 2021-0173

    Chancery court correctly disregarded corporate charter provision deeming board action "conclusive and binding" where the provision had the effect of exculpating directors from liability for breaching their duty of loyalty to the corporation.

  • Bruckel v. Tauc Holdings, LLC

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ethan H. Townsend, Kevin M. Regan, McDermott Will & Emory LLP, Wilmington, DE; Jennifer Aronoff, McDermott Will & Emory LLP, Chicago, IL; Megan E. Thibert-Ind, Manatt, Phelps & Phillips, LLP, Chicago, IL for plaintiff.
    for defendant: Ronald N. Brown, III, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; James C. Bookhout, Mallory Biblo, DLA Piper LLP (US), Dallas, TX for defendant.

    Case Number: 2021-0579-MTZ

    The court granted plaintiff's motion for civil contempt and sanctions and shifted plaintiff's fees to defendant upon finding that defendant had "contemptuously" failed to fully and timely produce ordered documents.

  • Coster v. UIP Co. Inc.

    Publication Date: 2023-07-10
    Practice Area: Corporate Governance
    Industry: Real Estate
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Max B. Walton, Kyle Evans Gay, Connolly Gallagher LLP, Newark, DE; Michael K. Ross, Serine Consolino, Aegis Law Group LLP, Washington, DC for appellant.
    for defendant: Deborah B. Baum, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC; Stephen B. Brauerman, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE for appellees.

    Case Number: 163, 2022

    Stock issuance that diluted interest of stockholder with one-half interest who had filed a custodian action to break board election deadlock was not inequitable where issuance was reasonably calculated to prevent default under company's key contracts and had the benefit of retaining a key employee, while stockholder was not coerced as she retained a swing vote.

  • Sternlicht v. Hernandez

    Publication Date: 2023-06-27
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Adrienne Ward, Lori Marks-Esterman, Olshan Frome Wolosky LLP, New York, NY; John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Tariq Mundiya, Richard Li, Willkie Farr & Gallagher LLP, New York, NY for plaintiffs.
    for defendant: Blake Rohrbacher, Kevin M. Gallagher, Matthew W. Murphy, Nicole M. Henry, Jordan L. Cramer, Sandy Xu, Mari Boyle, Edmond S. Kim, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.

    Case Number: 2023-0477-PAF

    Court declined to enjoin advance notice bylaw where company did not have radical change in operations and plaintiff stockholders' delay contributed to their inability to timely present a slate of directors for the annual meeting.

  • Optimiscorp v. Atkins

    Publication Date: 2023-06-13
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Theodore A. Kittila, William E. Green, Jr., Halloran Farkas + Kittila LLP, Wilmington, DE for plaintiff.
    for defendant: Stephen B. Brauerman, Sarah T. Andrade, Megan A. McGovern, Bayard, PA, Wilmington, DE for defendant.

    Case Number: 2020-0183-MTZ

    Stockholders who pursued a derivative claim breached fiduciary duties to company by withholding the award in that claim, since derivative plaintiffs served as company agents rather than directors entitled to have their conduct reviewed under gross negligence or business judgment rule standards.

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  • Ontario Provincial Council of Carpenters' Pension Trust Fund v. Walton

    Publication Date: 2023-05-09
    Practice Area: Corporate Governance
    Industry: Distribution and Wholesale | Pharmaceuticals | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Gregory V. Varallo, Mae Oberste, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Leslie R. Stern, Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA; Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; David MacIsaac, Labaton Sucharow LLP, New York, NY for plaintiffs.
    for defendant: Raymond J. DiCamillo, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Sean M. Berkowitz, Nicholas J. Siciliano, Latham & Watkins LLP, New York, NY; Andrew W. Stern, Charlotte K. Newell, Sidley Austin LLP, New York, NY; William M. Regan, Allison M. Wuertz, Hogan Lovells US LLP, New York, NY; Frank R. Volpe, Sidley Austin LLP, Washington, DC for defendants.

    Case Number: 2021-0827-JTL

    Litigation demand was futile where allegations supported inference that directors and officers knew that the company was violating its legal obligations as a dispenser of prescription opioids in a conscious effort to maximize customer sales and profits.

  • In re Baker Hughes, a GE Co., Derivative Litig.

    Publication Date: 2023-05-02
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Michael J. Barry, Jason M. Avellino, Kelly L. Tucker, Grant & Eisenhofer, P.A., Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, David F.E. Tejtel, Christopher M. Windover, Friedman Oster & Tejtel PLLC, Bedford Hills, NY for plaintiffs.
    for defendant: A. Thompson Bayliss, Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Karl Stern, Elizabeth M. Devaney, Quinn Emanuel Urquhart & Sullivan LLP, Houston, TX for defendant.

    Case Number: 2019-0201-LWW

    Although special litigation committee had a defect in consisting of only one director, that director's independence and the thoroughness of their investigation supported finding that its judgment to terminate derivative litigation was made following diligent and good-faith analysis.

  • Ogus v. SportTechie, Inc.

    Publication Date: 2023-04-18
    Practice Area: Corporate Governance
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Ryan M. Ernst, David M. Klauder, Bielli & Klauder, LLC, Wilmington, DE; Charles J. Hecht, Charles Hecht P.C., New York, NY for plaintiff.
    for defendant: Michael C. Heyden, Jr., Joseph E. Brenner, Gordon Rees Scully Mansukhani LLP, Wilmington, DE; Samuel T. Hirzel, II, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Sarah Lightdale, Christopher L. Martin, Jr., Cooley LLP, New York, NY for defendants.

    Case Number: 2018-0869-LWW

    Board member and their investment firm were entitled to summary judgment on fraud and fiduciary duty claims brought by terminated officer, where the record reflected defendants had a limited role in the alleged fraud and the board member's decision to approve termination was protected by the business judgment rule.

  • Lebanon County Employees' Ret. Fund v. Collis

    Publication Date: 2023-04-04
    Practice Area: Corporate Governance
    Industry: Distribution and Wholesale | Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Samuel L. Closic, Eric J. Juray, Robert B. Lackey, Prickett, Jones & Elliott, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Lee D. Rudy, Eric L. Zagar, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Jeroen van Kwawegen, Eric J. Riedel, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank R. Schirripa, Daniel B. Rehns, Kurt Hunciker, Hillary Nappi, Hach Rose Schirripa & Cheverie LLP, New York, NY; Gregory Mark Nespole, Daniel Tepper, Levi & Korsinsky, LLP, New York, NY; Brian J. Robbins, Craig W. Smith, Robbins LLP, San Diego, CA for plaintiffs.
    for defendant: Stephen C. Norman, Jennifer C. Wasson, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Michael S. Doluisio, Carla Graff, Dechert LLP, Philadelphia, PA; Matthew L. Larrabee, Hayoung Park, Dechert LLP, New York, New York; Michael D. Blanchard, Amelia Pennington, Morgan, Lewis & Bockius LLP, Boston, MA for defendants.

    Case Number: 2021-1118-JTL

    Court denied relief from dismissal of action, after a state court found defendant directors and officers had not violated the law, where newly-filed DOJ complaint against the company remained unsubstantiated and did not contain allegations against defendants specifically.

  • Laidlaw v. GigAcquisitions2, LLC

    Publication Date: 2023-03-14
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Michael J. Barry, Grant & Eisenhoffer, P.A., Wilmington, DE; Michael Klausner, Stanford, CA, attorneys for plaintiff;
    for defendant: John L. Reed, Ronald N. Brown & Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; Melanie E. Walker & Gaspard Rappoport, DLA Piper LLP (US), Los Angeles, CA, attorneys for defendants.

    Case Number: 2021-0821-LWW

    Breach of fiduciary duty claims arising from SPAC merger could proceed where plaintiff plausibly pled claims under entire fairness review by asserting that proxy statement contained material misstatements and omissions.