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  • Gallagher Indus., LLC v. Addy

    Publication Date: 2020-06-17
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Jon Abramczyk, John DiTonno, Matthew Clark, and A. Gage Whirley, Morris, Nichols, Arsht&Tunnell LLP, Wilmington, DE for plaintiff.
    for defendant: Peter Walsh, Kevin Shannon, and Callan Jackson, Potter Anderson &Corroon LLP, Wilmington, DE; Tammy Wood and Brent Hockaday, Bell Nunnally & Martin, Dallas, TX, for defendants.
    Case Number: D69016

    Fiduciary claim arising from unfair cash-out merger barred by statute of limitations and laches where plaintiff was aware of facts indicating that terms and consideration for merger were unfair and that the company had made inadequate disclosures, but chose not to pursue legal action until other stockholders prevailed in appraisal action after the limitations period had run.

  • Athene Life & Annuity Co. v. Am. Gen. Life Ins. Co.

    Publication Date: 2020-06-03
    Practice Area: Insurance Law
    Industry: Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: Martin S. Lessner, Richard J. Thomas, and M. Paige Valeski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; James P. Gillespie and Dustin Hillsley, Kirkland& Ellis LLP, New York, NY; Adam T. Humann, Kirkland & Ellis LLP, Washington, DC for plaintiff Athene. Brian C. Ralston, Potter Anderson & Corroon LLP, Wilmington, DE for plaintiffs American Investors and Indianapolis Life.
    for defendant: Kenneth J. Nachbar and Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendant American Life. Joel Friedlander and Christopher P. Quinn, Friedlander & Gorris, P.A, Wilmington, DE; John L. Jacobus, J. Walker Johnson, Catherine D. Cockerham, and William Carson, Steptoe & Johnson LLP, Washington, DC; Jeffrey B. Korn and Stuart R. Lombardi, Willkie Farr & Gallagher LLP, Washington, DC; Joseph G. Davis, Willkie Farr & Gallagher LLP, New York, NY for defendants ZC Resource Investment Trust and ZC Resource LLC.
    Case Number: D68999

    Breach of contract and tortious interference claims arising from alleged rights to surrender or reallocation value from corporate-owned life insurance policies were dismissed as unripe where the policyholder had made no effort to surrender or reallocate.

  • Weller v. Wilkinson

    Publication Date: 2020-06-03
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Legal Services
    Court: U.S. District Court of Delaware
    Judge: District Judge Hall
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D69005

    The court granted the parties' motion to consolidate these two shareholder derivative actions.

  • 77 Charters, Inc. v. Gould

    Publication Date: 2020-06-03
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: John L. Williamsand Brian C. Crawford, The Williams Law Firm, P.A., Wilmington, DE for plaintiff.
    for defendant: John A. Sensing, Potter Anderson & Corroon LLP, Wilmington, DE; Greg S. Zuckerand Michael B. Weitman, Westerman Ball Ederer Miller Zucker & Sharfstein, LLP, Uniondale, NY for defendants.
    Case Number: D68998

    Remote controller's efforts to amend operating agreement to benefit himself at the expense of another interest holder, without that interest holder's knowledge or consent, could give rise to a possible breach of fiduciary duty claim.

  • Riker v. Teucrium Trading, LLC

    Publication Date: 2020-05-27
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Michael F. Bonkowski and Andrew L. Cole, Cole Schotz P.C., Wilmington, DE; Roger A. Lane and Courtney Worcester, Foley & Lardner LLP, Boston, MA for plaintiff.
    for defendant: T. Brad Davey and Mathew A. Golden, Potter Anderson & Corroon LLP, Wilmington, DE; Barry S. Pollack and Joshua L. Solomon, Pollack Solomon Duffy LLP, Boston, MA for defendant.
    Case Number: D68995

    In this books and records request matter, the court held that plaintiff was entitled to certain documents to value his interest, but the court denied other aspects of his request.

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  • Gilbert v. Perlman

    Publication Date: 2020-05-13
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Seth D. Rigrodsky, Brian D. Long and Gina M. Serra, Rigrodsky & Long, P.A., Wilmington, DE; Richard A. Maniskas, RM Law, P.C., Berwyn, PA for plaintiffs.
    for defendant: Rudolf Koch, Richards, Layton & Finger, P.A., Wilmington, DE; Deborah S. Birnbach and Morgan R. Mordecai of Goodwin Procter LLP for defendants.
    Case Number: D68977

    Minority stockholders did not form a control group with the majority stockholder, so they did not owe any fiduciary duties to plaintiffs. Motion to dismiss granted.

  • In re GoPro, Inc. Stockholder Derivative Litig.

    Publication Date: 2020-05-13
    Practice Area: Corporate Governance
    Industry: Consumer Products | Investments and Investment Advisory | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Seth D. Rigrodsky, Brian D. Long and Gina M. Serra, Rigrodsky & Long, P.A., Wilmington, DE; Melinda A. Nicholson and Ni-colas Kravitz of Kahn Swick & Foti, LLC, New Orleans, LA for lead plaintiffs.
    for defendant: R. Judson Scaggs, Jr., Susan W. Waesco and Riley T. Svikhart, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Susan S. Muck, Catherine D. Kevane, and Marie C. Bafus, Fenwick & West LLP, San Francisco, California for director defendants and nominal defendant GoPro, Inc.
    Case Number: D68979

    Plaintiffs in this stockholder derivative matter failed to demonstrate demand futility. The court found that demand was not excused, so it granted defendants' motion to dismiss.

  • Elburn v. Albanese

    Publication Date: 2020-05-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: David A. Jenkins, Neal C. Belgam, and Jennifer M. Rutter, Smith Katzenstein & Jenkins LLP, Wilmington, DE; Steven J. Purcell, Douglas E. Julie, Robert H. Lefkowitz, and Kaitlyn T. Devenyns, Purcell Julie & Lefkowitz LLP, New York, NY for plaintiff.
    for defendant: Kenneth J. Nachbar, Megan Ward Cascio, Zi-Xiang Shen, and Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendants.
    Case Number: D68966

    Motion to dismiss derivative complaint denied where plaintiff's allegation of an explicit quid pro quo among directors provided sufficient particularity to plead demand futility.

  • Highway to Health, Inc. v. Bohn

    Publication Date: 2020-04-29
    Practice Area: Corporate Entities
    Industry: Insurance | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Bouchard
    Attorneys: For plaintiff: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Brian W. Shaffer and John M. Lupton IV of Morgan, Lewis & Bockius LLP, Philadelphia, PA for plaintiffs.
    for defendant: Jami B. Nimeroff, Brown McGarry Nimeroff , Wilmington, DE; Mary Kay Brown and Raymond McGarry of Brown McGarry Nimeroff LLC, Philadelphia, PA for defendants.
    Case Number: D68961

    The court lacked personal jurisdiction over defendants under either the state's long-arm statute or a forum selection clause contained in a stockholder agreement. Motion to dismiss granted.

  • In re: Keryx Biopharmaceuticals, Inc.

    Publication Date: 2020-04-29
    Practice Area: Securities Litigation
    Industry: Biotechnology | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Connolly
    Attorneys: For plaintiff: Ryan M. Ernst, O’Kelly Ernst & Joyce, LLC, Wilmington, DE; Alexandra B. Raymond, Bragar Eagel & Squire, P.C., New York, NY; Richard A. Acocelli, Michael A. Rogovin and Kelly K. Moran, Weiss Law LLP, New York, NY for plaintiffs.
    for defendant: David E. Ross, Ross, Aronstam & Moritz LLP, Wilmington, DE; Peter L. Welsh and Christian Reigstad, Ropes & Gray LLP, New York, NY for defendants.
    Case Number: D68962

    A proxy statement contained a disclaimer about certain financial projections, so the court dismissed plaintiffs' claims for viola-tions of securities law.