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  • Obsidian Fin. Group, LLC v. Identity Theft Guard Solutions, Inc.

    Publication Date: 2021-05-12
    Practice Area: Contractual Disputes
    Industry: Consulting | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Richard M. Beck, Craig E. Rushmore, Klehr Harrison Harvey Branzburg LLP, Wilmington, DE for plaintiff.
    for defendant: Brad D. Sorrels, Jessica A. Hartwell, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, PC, Wilming-ton, DE for defendants.
    Case Number: D69395

    Failure of a transaction to meet the requirements of an earnout provision did not entitle plaintiff to relief, so the court granted defendant's motion to dismiss claims for breach of contract, reformation and declaratory relief.

  • Maverick Therapeutics, Inc. v. Harpoon Therapeutics, Inc.

    Publication Date: 2021-05-12
    Practice Area: Mergers and Acquisitions
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Rollin B. Chippey II, Benjamin P. Smith, Morgan, Lewis & Bockius LLP, San Francisco, CA; John P. DiTomo, Elizabeth A. Mullin, Aubrey J. Morin, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; John Ruskusky, Lisa C. Sullivan, Nixon Peabody, LLP, Chicago, IL for plaintiffs.
    for defendant: Gregory P. Williams, Steven J. Fineman, Nicole K. Pedi, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Martin S. Schenker, Lilia Lopez, Cooley LLP, San Francisco, CA; Jeffrey Karr, Cooley LLP, Palo Alto, CA for defendant.
    Case Number: D69392

    Purchaser of spin-off entitled to damages for fraudulent misrepresentation by seller who subsequently engaged in competition with spin-off, equal to both the half the value due to the splitting of the market and a further discount to reflect the seller's position as the pioneer of the technology that gave it a competitive advantage.

  • Lyons Ins. Agency Inc. v. Wilson

    Publication Date: 2021-05-12
    Practice Area: Employment Litigation
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael P. Kelly, Andrew S. Dupre, Janine L. Faben, McCarter & English, LLP, Wilmington, DE for plaintiff.
    for defendant: Blake Bennett, Dean R. Roland, Cooch & Taylor PA, Wilmington, DE; Lawrence V. Cronin, Smith Katzenstein & Jenkins LLP, Wilmington, DE for defendants.
    Case Number: D69391

    Employer was entitled to shift fees against employee who breached non-compete agreement and then falsely testified in the subsequent litigation regarding his motivation and the circumstances surrounding his breach.

  • Goldenberg v. Immunomedics, Inc.

    Publication Date: 2021-05-05
    Practice Area: Contractual Disputes
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Richard P. Rollo, Susan M. Hannigan, John T. Miraglia, Richards, Layton & Finger, P.A., Wilmington, DE; Naveen Modi, Paul Hastings LLP, Washington, DC; Eric W. Dittmann, Joshua M. Bennett, Paul Hastings LLP, New York, NY for plaintiff.
    for defendant: David J. Teklits, Kevin M. Coen, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Michael E. Swartz, Schulte Roth & Zabel LLP, New York, NY for defendant.
    Case Number: D69387

    Where the court in a prior proceeding dismissed plaintiff's contempt motion and ordered him to file a new proceeding, dismissal of the second contempt matter was inequitable.

  • Gross v. Biogen Inc.

    Publication Date: 2021-04-28
    Practice Area: Corporate Entities
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Kurt M. Heyman, Gillian L. Andrews, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Gustavo F. Bruckner, Daryoush Behbood, Pomerantz LLP, New York, NY for plaintiff.
    for defendant: Kevin G. Abrams, J. Peter Shindel, Jr., Eliezer Y. Feinstein, Abrams & Bayliss LLP, Wilmington, DE for de-fendant.
    Case Number: D69378

    Shareholder demonstrated a proper purpose for his books and records request, but the court limited the scope of the inspection to formal materials considered by the board.

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  • Seokoh, Inc. v. Lard-PT, LLC

    Publication Date: 2021-04-21
    Practice Area: Corporate Entities
    Industry: Consumer Products
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jacob R. Kirkham, Kobre & Kim LLP, Wilmington, DE; Robin J. Baik, Leif T. Simonson, S. Nathan Park, Kobre & Kim LLP, New York, NY for petitioner.
    for defendant: John G. Harris, Peter C. McGivney, Berger Harris LLP, Wilmington, DE; Stuart Kagen, Russell Bogart, Ka-gen, Caspersen & Bogart PLLC, New York, NY for respondent.
    Case Number: D69373

    The court found that petitioner had alleged a reasonably conceivable basis upon which judicial dissolution was warranted, so it denied respondent's motion to dismiss.

  • Fisher v. Sanborn

    Publication Date: 2021-04-14
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Brian J. Robbins, Stephen J. Oddo, Emily R. Bishop, Robbins LLP, San Diego, CA for plaintiff.
    for defendant: A. Thompson Bayliss, Joseph A. Sparco, Abrams & Bayliss LLP, Wilmington, DE; James N. Kramer, Alexander K. Talarides, Orrick Herrington & Sutcliffe LLP, San Francisco, CA for defendants.
    Case Number: D69359

    Derivative complaint dismissed for failure to make pre-suit demand where lack of evidence that a majority of directors acted knowingly and deliberately in permitting the company to violate consumer protection laws or providing false and misleading information to the public meant that directors were exculpated from bad faith claims and therefore faced no substantial likelihood of personal liability and could independently evaluate a litigation demand.

  • Goureau v. Lemonis

    Publication Date: 2021-04-14
    Practice Area: Business Torts
    Industry: Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Sean J. Bellew, Bellew LLP, Wilmington, DE; Gerard P. Fox, Lauren M. Green, Gerard Fox Law P.C., Los Angeles, CA for plaintiffs.
    for defendant: Brian E. Farnan, Michael J. Farnan, Farnan LLP, Wilmington, DE; Michael D. Wexler, Seyfarth Shaw LLP, Chicago, IL; Jessee M. Coleman, Seyfarth Shaw LLP, Houston, TX for defendants.
    Case Number: D69361

    Because the complaint violated the rule against claim splitting, the court granted defendants' motion to stay this state court proceeding pending the outcome of a federal court proceeding.

  • In re: Forum Mobile, Inc.

    Publication Date: 2021-04-07
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Jeremy D. Anderson, Fish & Richardson, P.C., Wilmington, DE for petitioner.
    for defendant: N/A
    Case Number: D69353

    Delaware had a public policy interest in preventing the use of Delaware entities to circumvent federal se-curities laws, so the court appointed an amicus curiae to provide an independent review before ruling on the pending petition.

  • RCS Creditor Trust v. Schorsch

    Publication Date: 2021-03-31
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Ashby & Geddes, Wilmington, DE; John P. Coffey, Gregory A. Horo-witz, Jeffrey S. Trachtman, Leah S. Friedman, Kramer Levin Naftalis & Frankel LLP, New York, NY for plain-tiff.
    for defendant: Daniel A. Mason, Paull, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Allan J. Arffa, Gregory F. Laufer of Paull, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY for defendants.
    Case Number: D69348

    The court granted summary judgment because a corporate controller did not breach his fiduciary duty by making a business decision regarding how he would vote his shares.