• Ramco Asset Management, LLC v. USA Rare Earth, LLC

    Publication Date: 2023-11-06
    Practice Area: Contractual Disputes
    Industry: Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Andrew St. Laurent, Harris St. Laurent & Wechsler LLP, New York, NY for plaintiffs.
    for defendant: John M. Seaman, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; Chelsea Corey, King & Spalding LLP, Charlotte, NC; Carl D. Neff, FisherBroyles, LLP, Wilmington, DE; Aurora Cassirer, Christina H. Bost Seaton, FisherBroyles, LLP, New York, NY; Karen E. Keller, Andrew E. Russell, Nathan R. Hoeschen, Shaw Keller LLP, Wilmington, DE; Justin L. Ormand, Allen & Overy, New York, NY; Patrick W. Pearsall, Allen & Overy, Washington, D.C. for defendants.

    Case Number: 2022-0665-SG

    Plaintiffs were former equity holders in an Australian rare-earth mining company, whose primary asset was interest in a mining project in West Texas. Defendants transferred the company's assets to a new Delaware entity. Plaintiffs' fourteen causes of action alleged that defendants promised that plaintiffs would each receive an equivalent amount of equity in the Delaware entity as each had previously held in the mining company, however, they alleged that the transactions had diminished their ownership interests. Defendants' motions to

  • Maginn v. Maginn

    Publication Date: 2023-10-30
    Practice Area: Corporate Governance
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Neil R. Lapinski, Phillip A. Giordano, Madeline R. Silverman, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE for plaintiff.
    for defendant: Garrett B. Moritz, Ross Aronstam & Moritz LLP, Wilmington, DE; Thad J. Bracegirdle, Bayard, P.A., Wilmington, DE for defendants. Albert H. Manwaring, IV & Kirsten A. Zeberkiewicz, Morris James LLP, Wilmington, DE for nominal defendant.

    Case Number: 2023-0805-LWW

    Reasoning that the master's report in the parties' divorce proceeding had not yet been adopted by the probate court and the defendant had not been removed as a general partner of the Family LP, plaintiff, acting alone, lacked the authority to direct the Family LP through a written consent to remove another board member of nominal defendant.

  • In re ProAssurance Corp. Stockholder Derivative Litig.

    Publication Date: 2023-10-16
    Practice Area: Corporate Governance
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Thomas A. Uebler, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Kahn Swick & Foti, LLC, New Orleans, LA; Benjamin I. Sachs-Michaels, Glancy Prongay & Murray LLP, New York, NY; Robert V. Prongay, Pavithra Rajesh, Glancy Prongay & Murray LLP, Los Angeles, CA for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Nicholas F. Mastria, Richards, Layton & Finger, P.A., Wilmington, DE; Jonathan Youngwood, Janet A. Gochman, Jacob Lundqvist, Simpson Thacher & Bartlett LLP, New York, NY for defendants.

    Case Number: 2022-0034-LWW

    Court dismissed shareholders' derivative complaint for failure to plead demand futility where plaintiffs' fiduciary claims against the company's directors and officers failed to set forth a prima facie case of personal liability such that the board could not independently consider a litigation demand.

  • ITG Brands, LLC v. Reynolds Am., Inc.

    Publication Date: 2023-10-16
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Stephen C. Norman, Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Elizabeth B. McCallum, Gilbert S. Keteltas, Carey S. Busen, Evan M. Mannering, Baker & Hostetler, LLP, Washington, D.C.; Jim W. Phillips, Jr., Kimberly M. Marston, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, Greensboro, NC; Charles E. Coble, Brooks, Pierce, McLendon, Humphrey & Leonard, LLP, Raleigh, NC for plaintiff.
    for defendant: Gregory P. Williams, Rudolf Koch, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Noel J. Francisco, C. Kevin Marshall, William D. Coglianese; Jones Day, Washington, D.C.; Stephanie E. Parker, Katrina L.S. Caseldine, Jones Day, Atlanta, GA; David B. Alden, Kevin P. Riddles; Jones Day, Cleveland, OH; Elli Leibenstein, Greenberg Traurig, LLP, Chicago, IL; Stephen L. Saxl, Greenberg Traurig, LLP, New York, NY; Andrea Shwayri Ferraro, Greenberg Traurig, P.A., West Palm Beach, FL for defendants.

    Case Number: 2017-0129-LWW

    Although seller was entitled to recover compensation for settlement payments it made based on post-closing sales of various acquired brands, trial was necessary to determine acquirers' entitlement to offsets and the availability of specific performance for future settlement payments.

  • Barbey v. Cerego, Inc.

    Publication Date: 2023-10-16
    Practice Area: Corporate Governance
    Industry: E-Commerce | Non-Profit
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Neil R. Lapinski, Phillip A. Giordano, Madeline R. Silverman, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE for plaintiffs.
    for defendant: Kenneth H. Young, intervenor, pro se.

    Case Number: 2022-0107-PAF

    Finding that plaintiffs had not demonstrated that board action was required to authorize defendant's wholly owned subsidiary's tender offer that resulted in its becoming defendant's majority stockholder, the court concluded that plaintiffs had not satisfied their burden to invalidate individual plaintiff's removal as a director of defendant's board.

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  • Adviser Investments, LLC v. Powell

    Publication Date: 2023-10-16
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Judge Adams
    Attorneys: For plaintiff: David E. Ross, Adam D. Gold, A. Gage Whirley, Ross Aronstam & Moritz, LLP, Wilmington, DE; Mark W. Premo-Hopkins, Katie Lencioni, Kirkland & Ellis, LLP, Chicago, IL for plaintiff.
    for defendant: Henry E. Gallagher, Jr., Lauren DeLuca, Jarrett W. Horowitz, Connolly Gallagher, LLP, Wilmington, DE, Lazar P. Raynal, Melanie Burke, Tatum Ellis, King & Spalding, LLP, Chicago, IL for defendant.

    Case Number: 2022-1149-MAA

    Determining that the purchase agreement did not bar claims based on extra-contractual statements, the court declined to dismiss plaintiff's fraud claims concerning the purchase of defendant's company. The court also found that the detailed factual allegations contained in the complaint stated a claim for fraud and that fraud claims were not barred by the anti-bootstrapping rule.

  • In re Straight Path Commc'ns Inc. Consol. Stockholder Litig.

    Publication Date: 2023-10-16
    Practice Area: Corporate Governance
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Mark Richardson, Labaton Sucharow LLP, Wilmington, DE; Jeroen van Kwawegen, Edward G. Timlin, Eric J. Riedel, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiff.
    for defendant: Rudolf Koch, Kevin M. Gallagher, Daniel E. Kaprow, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Thomas Uebler, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Matthew Henken, Cyrulnik Fattaruso LLP, New York, NY for defendants.

    Case Number: 2017-0486-SG

    Although controlling stockholder breached fiduciary duties by using his position to cause company to release an indemnification claim, the minority stockholders were only entitled to nominal damages due to significant obstacles to enforcing the claim which resulted in the release consideration being worth more than the company likely would have recovered attempting to enforce the claim.

  • Rem OA Holdings, LLC v. Northern Gold Holdings, LLC

    Publication Date: 2023-10-02
    Practice Area: Corporate Entities
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Thomas W. Briggs, Jr., Alexandra Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael C. Holmes, Jeffrey Crough, Thomas Mitsch, Vinson & Elkins LLP, Dallas, TX; Matthew R. Freidenberg, Vinson & Elkins LLP, New York, NY; Scott B. Czerwonka, D. Charles Vavala, III, Wilks Law, LLC, Wilmington, DE for plaintiffs.
    for defendant: Martin S. Lessner, Elisabeth S. Bradley, M. Paige Valeski, Young Conaway Stargatt & Taylor LLP, Wilmington, DE for defendant. John D. Hendershot, Matthew W. Murphy, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE for nominal defendant.

    Case Number: 2022-0582-LWW

    Noting that a contracting party is obligated to read any contract it signs including any documents incorporated by reference, the court denied defendant relief because it could have discovered the challenged loan terms by exercising ordinary care.

  • Kroll v. City of Wilmington

    Publication Date: 2023-10-02
    Practice Area: Labor Law
    Industry: State and Local Government
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Robert C. McDonald, Adrienne M. McDonald, Silverman McDonald & Friedman, Wilmington, DE for plaintiff.
    for defendant: Robert M. Goff, Jr., City of Wilmington Law Department, Wilmington, DE for defendants.

    Case Number: 2019-0969-KSJM

    Chancery court could exercise subject matter jurisdiction over former police officer's complaint challenging his termination for failure to comply with later-voided revised residency requirement, where declaratory judgment or certiorari review would be unlikely to afford relief given city's continued assertion, despite the striking down of the revised policy, that officer's termination was proper.

  • Sorrento Therapeutics, Inc. v. Mack

    Publication Date: 2023-09-18
    Practice Area: Contracts
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Kevin M. Coen, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jamie L. Wine, Steven N. Feldman, Latham & Watkins LLP, New York, NY; Matthew W. Walch, Russell Mangas, Latham & Watkins LLP, Chicago, IL for plaintiffs.
    for defendant: Elizabeth A. Sloan, Brittany M. Giusini, Fred DeRitis, Ballard Spahr LLP, Wilmington, DE; Paul Lantieri III, Ballard Spahr LLP, Philadelphia, PA; Stephen B. Brauerman, Justin C. Barrett, Bayard, P.A., Wilmington, DE for defendants.

    Case Number: 2021-0210-PAF

    Company president was liable for breaching his non-compete and fiduciary duties where the evidence supported finding that he diverted business opportunities to a competing company he founded.