Without evidence of requisite intent, a lawsuit alleging the breach of a merger agreement prohibiting the diversion of revenue in order to reduce earn-out payments due former equity holders in an acquired company had to be thrown out, the state Supreme Court decided en banc last week.
In a case stemming from the acquisition of a cybertechnology company, Cyveillance Inc., by QinetiQ North America, a provider of technology products to the defense and security industries, the Supreme Court affirmed a decision of the Delaware Court of Chancery.
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