Mark E. Felger, left, and Kaan Ekiner, right, of Cozen O'Connor. Courtesy photos Chancery Permits Limited Stockholder Inspection of Nonpublic Books and Records for Better Valuation of Shares
The Delaware Court of Chancery considered whether a stockholder of a publicly traded company was entitled to inspect the books and records of the public company's nonpublic subsidiary for the stated purpose of "more accurately" valuing the public corporation's publicly traded shares.
December 27, 2023 at 09:00 AM
8 minute read
Contributors
In Greenlight Capital Offshore Partners v. Brighthouse Financial, C.A. No. 2022-1067-LWW, 2023 WL 8009057 (Del. Ch. Nov. 20, 2023), the Delaware Court of Chancery considered whether a stockholder of a publicly traded company was entitled to inspect the books and records of the public company's nonpublic subsidiary for the stated purpose of "more accurately" valuing the public corporation's publicly traded shares. Vice Chancellor Lori W. Will permitted the stockholder to do so, but greatly narrowed the scope of inspection to what was essential to the stockholder's stated purpose.
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