The Delaware Supreme Court, over the lengthy and strongly worded dissent of one justice, on Monday upheld the Chancery Court’s award of more than $16 million in damages to a class of holders of stock options that were canceled as the result of a flawed spinoff and merger process.
CDx Holdings, a cancer diagnostic company formerly known as Caris Life Sciences, had appealed Vice Chancellor J. Travis Laster’s July ruling that the company’s management acted in bad faith by intentionally undervaluing the spinoff in order to earn a substantial tax break and by holding an amount in escrow.
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