Del. High Court Revives Challenge to $1.4B Acquisition of Grocery Chain
The Delaware Supreme Court on Monday effectively revived a shareholder suit challenging Fresh Market Inc.'s $1.4 billion acquisition by a private equity firm, in an opinion that served as a "cautionary reminder" that partial disclosures cannot secure business-judgment protections under the Corwin doctrine.
July 09, 2018 at 05:59 PM
1 minute read
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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