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  • Reith v. Lichtenstein

    Publication Date: 2019-07-10
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Andrew S. Dupre and Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE; Eduard Korsinsky, Amy Miller, William J. Fields and Samir Shukurov, Levi & Korsinsky, LLP, New York, NY for plaintiff.
    for defendant: John M. Seaman, Abrams & Bayliss LLP, Wilmington, DE; Thomas J. Fleming, Adrienne Ward and Kerrin T. Klein, Olshan Frome Wolosky LLP, New York, NY for defendants Lichtenstein, Howard, Kassan Fejes and Steel Holdings defendants. Gregory V. Varallo, Matthew D. Perri and Sarah T. Andrade, Richards, Layton & Finger, P.A., Wilmington, DE for defendants Fenton, Legyel and Wald.
    Case Number: D68626

    Pre-suit demand was excused in this derivative action.

  • Dolan v. Altice USA, Inc.

    Publication Date: 2019-07-10
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John L. Reed, Matthew Denn, Peter H. Kyle, Robert M. Hoffman and James C. Bookhout, DLA Piper LLP, Wilmington, DE for plaintiffs.
    for defendant: Daniel A. Mason, Brenda W. Sullivan, Jay Cohen and Daniel H. Levi, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wil-mington, DE and New York, NY; Kevin G. Abrams and J. Peter Shindel, Jr., Abrams & Bayliss LLP, Wilmington, DE for de-fendants.
    Case Number: D68625

    The disputed terms of a merger agreement were ambiguous, and plaintiffs adequately stated their claim for promissory es-toppel.

  • Arkansas Teacher Ret. Sys. v. Alon USA Energy, Inc.

    Publication Date: 2019-07-10
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Michael Hanrahan, Stephen D. Dargitz, Paul A. Fioravanti, Corinne Elise Amato, Kevin H. Davenport, and Eric J. Juray, Prickett, Hones & Elliott, P.A., Wilmington, DE; Michael C. Wagner, J. Daniel Albert, and Grant D. Goodhart, III, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff
    for defendant: David J. Teklits and Thomas P. Will, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mark Oakes, William Patrick Courtney, and Ryan Metzer, Norton Rose Fulbright US LLP, Austin, TX; Raymond J. DiCamillo, Brian F. Morris, and Sara C. Hunter, Richards, Layton & Finger, P.A., Wilmington, DE; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine CA; Mark H. Mixon, Jr., Gibson, Dunn & Crutcher LLP, New York, NY for defendants.
    Case Number: D68624

    Defendant's motion to dismiss complaint brought by stockholder of defendant's acquired company dismissed where stockholder had standing to enforce stockholder agreement that imposed standstill agreement identical to §203 protections upon defendant.

  • Absalom Absalom Trust v. Saint Gervais LLC

    Publication Date: 2019-07-10
    Practice Area: Corporate Entities
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Kevin R. Shannon, Christopher N. Kelly, and Jay G. Stirling, Potter Anderson & Corroon LLP, Wilmington, DE; Nathan M. Bull, Adam K. Magid, and Ailsa H. Chau, Cadwalader, Wickersham & Taft, LLP, New York, NY for plaintiff
    for defendant: Davis S. Eagle and Sean M. Brennecke, Klehr Harrison Harvey Branburg LLP, Wilmington, DE; Kenneth E. Warner, Warner Partners, P.C., New York, NY; Richard A. Greenberg, Steven Y. Yurowitz, and William J. Dobie, Newman & Greenberg LLP, New York, NY for defendant.
    Case Number: D68623

    Plaintiff lacked standing to inspect defendant LLC's books and records where defendant's operating agreement expressly limited inspection to members and stated that any unapproved transfer of membership interest or status was null and void, meaning that plaintiff could not become a member of defendant through an unapproved transfer of interest.

  • Howland v. Kumar

    Publication Date: 2019-06-26
    Practice Area: Corporate Governance
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Sidney S. Liebesman, Johnna M. Darby and Wali W. Rushdan II, Fox Rothschild LLP, Wilmington, DE for plaintiff.
    for defendant: Bradley D. Sorrels and Daniyal M. Iqbal, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for individual defendants. Stephen E. Jenkins, Ashby & Geddes, P.A., Wilmington, DE for nominal defendant Anixa Biosciences, Inc.
    Case Number: D68611

    In this derivative action, a stockholder alleged sufficient facts to support an inference that defendant directors and officers breached their fiduciary duty.

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  • Council of Ass'n of Unit Owners of Pelican Cove Condo. v. Yeilding

    Publication Date: 2019-06-26
    Practice Area: Real Estate
    Industry: Hospitality and Lodging
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Richard E. Berl, Jr., Hudson, Jones, Jaywork & Fisher, LLC, Lewes, DE for petitioner
    for defendant: Dean A. Campbell, Law Office of Dean A. Campbell, P.A., Georgetown, DE for respondents.
    Case Number: D68606

    Maximum occupancy restriction in declaration of condominium was enforceable against unit owner where such restriction was facially neutral, did not conflict with local ordinance, and where owner had constructive notice of the restriction.

  • Shareholder Representative Services LLC v. RSI Holdco, LLC

    Publication Date: 2019-06-19
    Practice Area: Mergers and Acquisitions
    Industry: Aerospace | Investments and Investment Advisory | Legal Services
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Rudolf Koch, Susan M. Hannigan and Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; Christopher F. Robertson and Alison K. Eggers, Seyfarth Shaw LLP, Boston, MA for plaintiff and third-party defendants.
    for defendant: John P. DiTomo and Jarrett W. Horowitz, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Roberto M. Braceras, Adam Slutsky and Ezekiel L. Hill of Goodwin Procter LLP, Boston, MA for defendants.
    Case Number: D68604

    The parties' merger agreement contained a provision which preserved the attorney-client privilege regarding pre-merger communications between sellers and their attorney.

  • Project Boat Holdings, LLC v. Bass Pro Group, LLC

    Publication Date: 2019-06-19
    Practice Area: Contractual Disputes
    Industry: Manufacturing | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE; Mark S. Baldwin, Dylan P. Kletter and Anthony J. Boc-camazzo, Brown Rudnick LLP, Hartford, CT for plaintiff.
    for defendant: S. Mark Hurd and Richard Li, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Mike Stenglein and Tracey M. Robert-son, King & Spalding LLP, Houston, TX for defendant.
    Case Number: D68602

    Although a seller should have disclosed a manufacturing defect, the buyer was not harmed.

  • Ritchie CT Opps, LLC v. Huizenga Mangers Fund, LLC

    Publication Date: 2019-06-19
    Practice Area: Contractual Disputes
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: John A. Sensing and Ryan C. Cicoski, Potter Anderson & Corroon LLP, Wilmington, DE for plaintiff.
    for defendant: Steven L. Caponi, K&L Gates LLC, Wilmington, DE; Gary W. Garner and Jonathan Miller, Williams Montgomery & John Ltd., Chicago, IL for defendant.
    Case Number: D68603

    Plaintiffs lacked standing to pursue relief on behalf of third parties, and the absolute litigation privilege prevented a court in equity from specifically enforcing a contractual non-disparagement.

  • Klein v. Wasserman

    Publication Date: 2019-06-12
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Michael F. Bonkowski and Andrew L. Cole, Cole Schotz P.C., Wilmington, DE; Steven R. Klein and Rachel A. Mongiello, Cole Schotz P.C., Hackensack, NJ, attorneys for plaintiffs
    for defendant: Lisa A. Schmidt and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Joseph L. Fogel and Michael P. Kornak, Freeborn & Peters LLP, Chicago, IL, attorneys for defendants.
    Case Number: D68590

    Breach of fiduciary duty claim against investors failed where company failed to show investors qualified as company controllers through either their equity stake, their control of the board, or their efforts to disrupt company operations that were severe enough to demonstrate the investors' control.