Vice Chancellor Donald F. Parsons Jr. granted a solar energy corporation’s motion to stay a derivative suit filed against it in Delaware Chancery Court because the company also has a federal suit pending and simultaneous prosecution of both cases would be "unduly complicated, inefficient and unnecessary."
SunPower Corp., a green energy company headquartered in San Jose, Calif., and incorporated in Delaware, was sued in the Chancery Court by Martin J. Brenner, one of its shareholders. Brenner alleges in his suit, captionedBrenner v. Albrecht, thatSunPower’s directors breached their fiduciary duties by failing to implement or monitor an effective internal control system that could have prevented the company from issuing erroneous financial statements for all of 2008 and the first three quarters of 2009. He was seeking unspecified damages from the company.
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