The Delaware Court of Chancery has dismissed direct and derivative claims filed by a Freeport-McMoRan Inc. investor alleging the mining and energy company improperly issued its CEO $35 million in stock.
In an Oct. 5 memorandum opinion in Shaev v. Adkerson, Vice Chancellor John W. Noble said a “good reason” provision in Richard C. Adkerson’s employment agreement with Freeport, a Delaware company based in Phoenix, was potentially grounds for an “arguable” claim, invoking the business judgment rule.
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