The Delaware Supreme Court overturned the Chancery Court’s decision to dismiss the derivative claims filed by Primedia Inc. shareholders against Kolberg Kravis Roberts and Co., which indirectly controls a majority of the publishing company’s common stock.
Chief Justice Myron T. Steele wrote the opinion on behalf of the high court, which was sitting en banc. Steele said in his decision that he disagreed with the lower court’s application ofBrophy v. Cities Service Co. , a 1949 Chancery Court ruling, andPfieffer v. Toll, a 2010 Chancery decision.
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