R. Eric Hacker,left, and Lewis H. Lazarus, right, of Morris James. Courtesy Photos Chancery OKs Section 220 Inspection, Notwithstanding Attorneys' Heavy Involvement in Crafting Demand
Section 220 of the DGCL enables a stockholder to obtain limited corporate information if they can state a proper purpose. Although in theory straightforward,…
April 28, 2021 at 09:00 AM
5 minute read
Section 220 of the DGCL enables a stockholder to obtain limited corporate information if they can state a proper purpose. Although in theory straightforward, Section 220 has spawned a "sprawling … jurisprudence" as stockholders test the breadth of their demands and correspondingly, corporations test the bounds of their defenses. See Wilkinson v. A. Schulman, C.A. No. 2017-0138-VCL, slip op. at 3 (Del. Ch. Nov. 13, 2017). Recently, Gross v. Biogen, C.A. No. 2020-0096-PAF (Del. Ch. Apr. 14, 2021) presented the Delaware Court of Chancery with the question of how heavily may a stockholder rely upon counsel in seeking corporate books and records under Section 220?
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