Publication Date: 2023-05-23
Practice Area: Mergers and Acquisitions
Industry: Financial Services and Banking | E-Commerce | Entertainment and Leisure
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Sara DiLeo, Saxena White P.A., White Plains, NY; Adam Warden, Jonathan Lamet, Saxena White P.A., Boca Raton, FL for plaintiff.
for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Richards, Layton & Finger, P.A., Wilmington, DE; Colin B. Davis, Katie Beaudin, Gibson Dunn & Crutcher LLP, Irvine, CA; Brian M. Lutz, Gibson Dunn & Crutcher LLP, San Francisco, CA; Lissa M. Percopo, Gibson Dunn & Crutcher LLP, Washington, DC for defendants.
Case Number: 2022-0091-KSJM
Stockholder failed to plead demand futility where transaction committee who approved acquisition of failing company did not act in bad faith and therefore would not be subject to a substantial risk of personal liability for the acquisition.