• Ligos v. Isramco, Inc.

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Samuel L. Closic, Stephen D. Dargitz, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, J. Daniel Albert, Justin O. Reliford, Christopher M. Windover, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: William B. Chandler III, Bradley D. Sorrels, Daniyal M. Iqbal, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Steven Guggenheim, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; S. Mark Hurd, Daniel T. Menken, Morris Nichols Arsht & Tunnel, LLP, Wilmington, DE; Danny David, Amy Pharr Hefley, Baker Botts L.L.P., Houston, TX; Bradley R. Aronstam, Adam D. Gold, Anthony M. Calvano, Ross Aronstam & Moritz, Wilmington, DE for defendants.

    Case Number: D69535

    Business judgment review at the pleadings stage denied where minority stockholders were not informed that controller standing on both sides of cash-out merger transaction had also participated in an arbitration that would affect the value assets that made up a critical component of the company's overall value, thereby supporting an inference that the stockholder approval was uninformed.

  • Teamsters Local 237 Additional Sec. Benefit Fund v. Caruso

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN for plaintiffs.
    for defendant: Edward B. Micheletti, Cliff C. Gardner, Veronica B. Bartholomew, Gregory P. Ranzini, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendant.

    Case Number: D69536

    Claim of breach of fiduciary duty by CEO with conflict of interest in merger transaction failed where there was no allegation that the independent board was unreasonable in its oversight activities during the negotiation process or that CEO acted to undermine the board's authority.

  • Kihm v. Mott

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Joel Friedlander, Jeffery M. Gorris, Friedlander & Gorris, P.A., Wilmington, DE; R. Bruce McNew, Cooch & Taylor, P.A., Wilmington, DE; Randall J. Baron, David Wissbroecker, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Christopher H. Lyons, Robbins Geller Rudman & Dowd LLP, Nashville, TN; Peretz Bronstein, Bronstein, Gewirtz & Grossman, LLC, New York, NY for plaintiff.
    for defendant: A. Thompson Bayliss, April M. Kirby, Abrams & Bayliss LLP, Wilmington, DE; Peter L. Welsh, Elena Weissman Davis, Ropes & Gray LLP, Boston, MA; Timothy R. Farrell, Ropes & Gray LLP, Chicago, IL; Christian Reigstad, Ropes & Gray LLP, New York, NY; Paul D. Brown, Joseph B. Cicero, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Roger A. Lane, Courtney Worcester, Holland & Knight LLP, Boston, MA; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Bruce Birenboim, Susanna M. Buergel, Christopher L. Filburn, Paul, Weiss, Rifkind, Wharton & Garrison, LLP, New York, NY for defendants.

    Case Number: D69534

    Post-closing fiduciary claims against directors failed where none of the alleged omissions from the board's disclosure statement to stockholders rendered the statement deficient, such that the approval of the transaction by a majority of informed, uncoerced stockholders relieved the directors from any liability for fiduciary claims arising from the sale of the company.

  • In Re Zimmer Biomet Holdings Inc. Derivative Litig.

    Publication Date: 2021-09-08
    Practice Area: Corporate Governance
    Industry: Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Richard A. Speirs, Christopher Lometti, Cohen Milstein Sellers & Toll PLLC, New York, NY; Robert C. Schubert, Willem F. Jonckheer, Schubert Jonckheer & Kolbe LLP, San Francisco, CA; Kip B. Shuman, Shuman, Gleen & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Gleen & Stecker, Denver, CO; Brett D. Stecker, Shuman, Gleen & Stecker, Ardmore, PA for plaintiffs.
    for defendant: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Troy S. Brown, Laura Hughes McNally, Brian F. Morris, Karen Pieslak Pohlmann, Morgan, Lewis & Bockius LLP, Philadelphia, PA; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Peter E. Kazanoff, Sara A. Ricciardi, Courtney G. Skarupski, Simpson Thacher & Bartlett LLP, New York, NY; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Daniel V. McCaughey, Erin Macgowan, Ropes & Gray LLP, Boston, MA; Christian Reigstad, Ropes & Gray LLP, New York, NY; Daniel A. Mason, Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew J. Ehrlich, Brette Tannenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Kevin G. Abrams, J. Peter Shindel, Jr., Abrams & Bayliss LLP, Wilmington, DE; Paul Vizcarrondo, John F. Lynch, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: D69527

    Derivative complaint dismissed for failure to plead demand futility where stockholders could not show that a majority of directors possessed non-public information that caused the company to issue material misstatements or omissions, so that as a result the directors did not face a substantial likelihood of liability to excuse the demand requirement.

  • Hawkins v. Daniel

    Publication Date: 2021-09-08
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard I. G. Jones, Jr., John G. Harris, Berger Harris LLP, Wilmington, DE for plaintiff.
    for defendant: David J. Teklits, Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jeffrey Alan Simes, Goodwin Procter LLP, New York, NY for defendant.

    Case Number: D69526

    Court declined to dismiss case in favor of previously-filed action involving the parties, where the present case involved distinct issues and the previously-filed action was heading to trial, such that dismissing the present case would not serve judicial economy by forcing the previously-filed action to return to the pleadings stage.

  • Law Journal Press | Digital Book

    Section 337 Investigations: Unfair Trade Practice Litigation Before the ITC

    Authors: Michael G. McManus, Rodney R. Sweetland, III

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  • Joint Stock Co. Commercial Bank PrivatBank v. Kolomoisky

    Publication Date: 2021-09-08
    Practice Area: Corporate Entities
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Michael A. Barlow, Abrams & Bayliss LLP, Wilmington, DE; William A. Burck, Alexander J. Merton, Quinn Emanuel Urquhart & Sullivan, LLP, Washington, DC; Rollo C. Baker, Quinn Emanuel Urquhart & Sullivan, LLP. New York, NY for plaintiff.
    for defendant: David J. Margules, Elizabeth A. Sloan, Ballard Spahr LLP, Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Roche Cyrulnik Freedman LLP, Brooklyn, NY; Devin Freedman, Roche Cyrulnik Freedman LLP, Miami, FL; Raymond J. DiCamillo, Daniel E. Kaprow, Megan E. O’Connor, Richards, Layton & Finger, P.A., Wilmington, DE; Marc E. Kasowitz, Daniel R. Benson, Mark P. Ressler, Sarmad M. Khojasteh, Joshua N. Paul, Kasowitz Benson Torres LLP, New York, NY; Albert H. Manwaring, IV, Albert J. Carroll, Morris James LLP, Wilmington, DE; Dane H. Butswinkas, David S. Blatt, Matthew B. Nicholson, Tanya M. Abrams, Williams & Connolly LLP, Washington, DC for defendants.

    Case Number: D69528

    Court granted a partial stay in fraud action where resolution of the case required rulings on foreign law that were currently being resolved in a related pending suit in that foreign court.

  • SerVaas v. Ford Smart Mobility LLC

    Publication Date: 2021-09-08
    Practice Area: Employment Litigation
    Industry: Automotive | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Michael A. Barlow, Abrams & Bayliss LLP, Wilmington, DE; Renita Sharma, Ty Adams, Charles Sangree, Quinn Emanuel Urquhart & Sullivan LLP, New York, NY; George Gasper, Ice Miller LLP, Indianapolis, IN for plaintiffs.
    for defendant: Raymond J. DiCamillo, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Katherine V.A. Smith, Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Jason J. Mendro, Molly T. Senger, Matt Gregory, Brittany A. Raia, Rebecca Rubin, Gibson, Dunn & Crutcher LLP, Washington, DC for defendants.

    Case Number: D69529

    Plaintiffs adequately stated a claim for breach of the implied covenant of good faith and fair dealing in this wrongful termi-nation case, but the court granted defendants' motion to dismiss certain breach of contract, unjust enrichment and Wage Act claims.

  • Kim v. Coupang, LLC

    Publication Date: 2021-09-01
    Practice Area: Contractual Disputes
    Industry: E-Commerce
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Kenneth J. Nachbar, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Lee H. Rubin, Mayer Brown LLP, Palo Alto, CA for plaintiff.
    for defendant: Matthew E. Fischer, Aaron R. Sims of Potter Anderson & Corroon LLP, Wilmington, DE; Shahzeb Lari, Hughes Hubbard & Reed, LLP, New York, NY for defendant.

    Case Number: D69525

    Factual issues precluded dismissal based on the equitable defense of laches at the pleading stage, but the court granted de-fendant's motion to dismiss plaintiff's claim for conversion.

  • In re Dissolution of Jeffco Mgmt., LLC

    Publication Date: 2021-09-01
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Jason C. Powell, The Powell Firm, LLC, Wilmington, DE, receiver for Jeffco Management, LLC. S. Michael Sirkin Ross Aronstam & Moritz LLP, Wilmington, DE for petitioner.
    for defendant: John G. Harris, Berger Harris LLP, Wilmington, DE; James Nealon, Withers Bergman LLP, New York, NY for respondent.

    Case Number: D69524

    The court granted the receiver's motion to approve an in-kind distribution of the assets of a limited liability company to one of the members, and it ordered the other member to pay attorney fees.

  • Flannery v. Genomic Health, Inc.

    Publication Date: 2021-09-01
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Samuel L. Closic, Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Stephen J. Oddo, Gregory E. Del Gaizo, Eric M. Carrino, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: Robert S. Saunders, Stefania A. Rosca, Matthew R. Conrad, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; C. Barr Flinn, Emily V. Burton, Peter J. Artese, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Douglas A. Rappaport, Kaitlin D. Shapiro, Akin Gump Strauss Hauer & Feld LLP, New York, NY; Daniel A. Mason, Brendan W. Sullivan, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Daniel J. Toal, Geoffrey Chepiga, Caitlin E. Grusauskas, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William M. Lafferty, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Willkie Farr & Gallagher LLP, New York, NY for defendants.

    Case Number: D69521

    The court granted defendants' motions to dismiss plaintiff's breach of fiduciary duty claims, because plaintiff did not establish any improper conduct in connection with a merger.