In re Martha Stewart Living Omnimedia, Inc. Stockholder Litigation, DEFAX Case No. D67850 (Del. Ch. Aug. 18, 2017), Slights, V.C. (70 pages).
DELAWARE COURT OF CHANCERY
August 31, 2017 at 12:00 AM
3 minute read
The original version of this story was published on Delaware Law Weekly
DELAWARE COURT OF CHANCERY
In re Martha Stewart Living Omnimedia, Inc. Stockholder Litigation, DEFAX Case No. D67850 (Del. Ch. Aug. 18, 2017), Slights, V.C. (70 pages).
Minority stockholders failed to plead sufficient facts to support a reasonable inference that the controlling stockholder engaged in a conflicted transaction where procedural protections were in place prior to the negation of side agreements. Motions to dismiss granted.
Plaintiffs in this consolidated class action were former stockholders of Martha Stewart Living Omnimedia, Inc. (“MSLO”). They brought claims against Martha Stewart (“Stewart”), the former controlling stockholder of MSLO, for breach of fiduciary duty. The claims arose out of a transaction that closed in December 2015, whereby MSLO was acquired by Sequential Brands, Group, Inc. (“Sequential”) in a merger. Plaintiffs also asserted claims against Sequential for aiding and abetting.
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