• XRI Inv. Holdings LLC v. Holifield

    Publication Date: 2024-08-06
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, Samuel D. Cordle, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE; Angela C. Zambrano, Yolanda Cornejo Garcia, Margaret Hope Allen, Sidley Austin LLP, Dallas, TX; Robin Wechkin, Sidley Austin LLP, Issaquah, WA for plaintiff.
    for defendant: Michael W. McDermott, Richard I. G. Jones, Jr., David B. Anthony, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE for defendants.

    Case Number: 2021-0619-JTL

    Breach of LLC agreement's no-transfer provision was willful where member was charged with knowledge of the provision and knew that transferring his units was a critical part of a loan transaction he was attempting to close, as the member merely reasonably believed that the LLC would not object to the transaction.

  • Vladimir Gusinsky Revocable Trust v. Hayes

    Publication Date: 2024-08-06
    Practice Area: Corporate Governance
    Industry: Aerospace | Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE for plaintiff.
    for defendant: John L. Reed, DLA Piper LLP (US), Wilmington, DE for defendants.

    Case Number: 2022-1124-MTZ

    Derivative complaint failed due to lack of allegations of bad faith by board where record showed it never knowingly or intentionally disregarded any alleged requirement for a stockholder vote to amend corporation's employee equity awards.

  • Hub Group, Inc. v. Knoll

    Publication Date: 2024-07-30
    Practice Area: Contracts
    Industry: Transportation
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: John A. Sensing, Tyler E. Cragg, Hannah L. Paxton, Potter Anderson & Corroon LLP, Wilmington, DE for plaintiff.
    for defendant: Steven J. Fineman, Travis S. Hunter, Alexandra M. Ewing, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.

    Case Number: 2024-0471-SG

    Court denied temporary restraining order to enforce non-compete after it found the agreement's scope overly-broad by territory and competition such that it was not essential to protect employer's legitimate business interests.

  • Gurney-Goldman v. Goldman

    Publication Date: 2024-07-30
    Practice Area: Corporate Governance
    Industry: Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; S. Michael Blochberger, Abrams & Bayliss LLP, Wilmington, DE; Michael B. Carlinsky, David E. Myre, Ryan A. Rakower, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Paul J. Loughman, Robert M. Vrana, Michael A. Laukaitis II, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Mitchell Geller, Jasmine S. Chean, Holland & Knight LLP, New York, NY for plaintiffs.
    for defendant: Rudolf Koch, Daniel E. Kaprow, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Cyrulnik Fattaruso LLP, New York, NY for defendant.

    Case Number: 2023-1124-JTL

    Lack of formal identification of managers meant that LLC operating family business was a member-managed entity, although deceased family member's LLC interest became an assignee interest held by his estate.

  • B.E. Capital Mgmt. Fund LP v. Fund.com Inc.

    Publication Date: 2024-07-30
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE, special magistrate;
    for defendant: Richard I.G. Jones, Jr., Harry W. Shenton, IV, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE, attorneys for receiver.

    Case Number: 12843-VCL

    Court overruled receiver's objections to special magistrate's report on allegations of wrongdoing by receiver where the recommendations did not violate receiver's constitutional rights by remarking on receiver's invocation of Fifth Amendment privilege in a context that would not result in self-incrimination and did not recommend that receiver be convicted of a crime.

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  • Bricklayers Pension Fund of W. Pennsylvania v. Brinkley

    Publication Date: 2024-07-30
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Nathaniel L. Orenstein, Steven L. Groopman, Berman Tabacco, Boston, MA for plaintiff.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Spencer V. Crawford, Richards, Layton & Finger, P.A., Wilmington, DE; Glenn Kurtz, Andrew Hammond, White & Case LLP, New York, NY; Paul J. Lockwood, Lauren N. Rosenello, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.

    Case Number: 2022-1118-MTZ

    Court dismissed derivative complaint where stockholder failed to show that a majority of the board faced personal liability for willfully ignoring deficiencies in corporate oversight systems or signs the company faced a strong likelihood of corporate trauma.

  • McMillan v. Nelson

    Publication Date: 2024-07-23
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Thomas W. Briggs, Jr., Tarik J. Haskins, Elizabeth A. Mullin Stoffer, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Alan I. Silver, Tal A. Bakke, Bassford Remele, P.A., Minneapolis, MN for plaintiffs.
    for defendant: Alexandra D. Rogin, Paul S. Seward, Eckert Seamans Cherin & Mellott, LLC, Wilmington, DE; Stephen A. Ling, Karen D. Olson, Spencer Fane LLP, Minneapolis, MN; Courtney L. Creal, Spencer Fane LLP, Nashville, TN for defendants.

    Case Number: 2024-0016-KSJM

    Court granted managing members summary judgment on claim to invalidate purported amended LLC agreement where prior version of agreement expressly excluded non-managing members from taking unilateral actions on behalf of the company or removing managing members without remaining managing members' consent.

  • Gibson v. Konick

    Publication Date: 2024-07-23
    Practice Area: Corporate Entities
    Industry: Legal Services | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Frank E. Noyes, Offit Kurman, P.A., Wilmington, Delaware for plaintiff;
    for defendant: David Konick, pro se defendant.

    Case Number: 2022-1036-LWW

    Court ordered judicial dissolution of LLC formed to hold vacation property after the end of the parties' romantic relationship rendered carrying on the LLC's "business" impractical.

  • Pope v. Hycroft Mining Holding Corp.

    Publication Date: 2024-07-23
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Theodore A. Kittila, William E. Green, Jr., Halloran Farkas + Kittila LLP, Wilmington, DE; Brian Tuttle, pro se plaintiff;
    for defendant: Jordan Darga, pro se plaintiff for plaintiffs. Stephen C. Norman, Jaclyn C. Levy, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: 2022-0957-LWW

    Court found plaintiffs to be inadequate class representatives because they either simultaneously pursued individual claims that created a conflict of interest or because they were pro se litigants unqualified to represent a class.

  • Sciannella v. AstraZeneca UK Ltd.

    Publication Date: 2024-07-16
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Kimberly A. Evans, Lindsay K. Faccenda, Irene R. Lax, Robert Erikson, Block & Leviton LLP, Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, David A. Knotts, Teo A. Doremus, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Brett M. Middleton, Johnson Fistel, LLP, San Diego, CA for plaintiff.
    for defendant: Kevin M. Gallagher, Nicole M. Henry, Richards, Layton & Finger, P.A., Wilmington, DE; John F. Sylvia, Kerime S. Akoglu, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., Boston, MA; Daniel M. Silver, Benjamin A. Smyth, Sarah E. Delia, Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE; Meredith Kotler, Mary Eaton, Nicholas A. Caselli, Freshfields Bruckhaus Deringer US LLP, New York, NY for defendants.

    Case Number: 2023-0125-PAF

    Fiduciary claims against purported controlling stockholder dismissed where plaintiff failed to plead facts demonstrating that stockholder qualified as a controller of the company or exercised transaction-specific control during proposed sale of company via tender offer.