• P & TI Acquisition Co. v. Morgenthaler Partners VII, LP

    Publication Date: 2019-05-22
    Practice Area: Contractual Disputes
    Industry: Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge LeGrow
    Attorneys: For plaintiff: David A. Dorey, Craig N. Haring, Steven J. Roman and Adrien C. Pickard, Blank Rome LLP, Wilmington, DE and Washington, D.C. for plaintiff.
    for defendant: Timothy Jay Houseal and Jennifer M. Kinkus, Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Robert S. Faxon and Michael A. Platt, Jones Day, Cleveland, OH for defendant.

    Case Number: D68471

    The court dismissed plaintiff's breach of contract claim for failure to state a claim, and it dismissed a claim for breach of the im-plied covenant of good faith and fair dealing because the parties' agreement expressly addressed the issue.

  • Verition Partners Master Fund Ltd. V. Aruba Networks, Inc.

    Publication Date: 2019-05-01
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Per Curiam
    Attorneys: For plaintiff: Michael J. Barry, Christine M. Mackintosh, Michael T. Manuel and Rebecca A. Musarra, Grant & Eisenhofer P.A., Wilming-ton, DE for petitioners.
    for defendant: Michael P. Kelly, Steven P. Wood and Daniel J. Brown, McCarter & English, LLP, Wilmington, DE; Marc J. Sonnenfeld, Karen Pieslak Pohlmann and Laura Hughes McNally, Morgan, Lewis & Bockius LLP, Philadelphia, PA for respondent. Ned Wein-berger, Derrick Farrell and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE for amici curiae professors in support of petitioners. Gregory P. Williams, Richards, Layton & Finger, P.A., Wilmington, DE for amici curiae professors in support of respondent.

    Case Number: D68549

    The chancery court abused its discretion in this statutory appraisal proceeding when valuing the shares by deducting unspeci-fied reduced agency costs from the deal price.

  • Samsung Elec. Co., Ltd. V. Imperium Holdings (Cayman), Ltd.

    Publication Date: 2019-05-01
    Practice Area: Contractual Disputes
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Chagares
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D68545

    Following the conclusion of a previously-filed action in another state, the court vacated a dismissal and remanded to the fed-eral district court for further proceedings.

  • Almond v. Glenhill Advisors, LLC

    Publication Date: 2019-04-24
    Practice Area: Mergers and Acquisitions
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Peter B. Ladig and Sara E. Bussiere, Bayard, P.A., Wilmington, DE; David H. Wollmuth and Michael C. Ledley, Wollmuth Maher & Deutsch LLP, New York, NY; David A. Jenkins, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Scott J. Watnik, Wilk Auslander LLP, New York, NY; Thomas A. Brown, Morea Schwartz Bradham Friedman & Brown LLP, New York, NY for plaintiffs.
    for defendant: Andrew D. Cordo and F. Troupe Mickler IV, Ashby & Geddes, Wilmington, DE; Adrienne M. Ward and Brian Katz, Olshan Frome Wolosky LLP, New York, NY; John B. Borgan, Ellenoff Grossman & Schole LLP, New York, NY; Douglas D. Herrmann, Pepper Hamilton LLP, Wilmington, DE; Paul B. Carberry, Joshua Weedman, and Erin Smith, White & Case LLP, New York, NY; Frederick B. Rosner, Scott J. Leonhardt, and Jason A. Gibson, The Rosner Law Group LLC, Wilmington, DE; S. Preston Ricardo, Golenbock Eiseman Assor Bell & Peskoe LLP, New York, NY; John D. Hendershot, Susan M, Hannigan, and Brian F. Morris, Richards, Layton & Finger, P.A., Wilmington, DE; Brian B. House, Foley & Lardner LLP, Milwaukee, WI for defendants.

    Case Number: D68534

    Plaintiffs' fee application pursuant to the corporate benefit doctrine denied under equitable principles where plaintiffs opposed company's efforts to judicially validate defective corporate acts identified by plaintiffs to succeed on their larger claim for damages.

  • McElrath v. Kalanick

    Publication Date: 2019-04-17
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Transportation
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael J. Barry, Jeff A. Almeida and Rebecca A. Musarra, Grant & Eisenhofer, P.A., Wilmington, DE for plaintiff.
    for defendant: R. Judson Scaggs, Jr., Susan W. Waesco and Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Susan S. Muck, Kevin P. Muck and Marie C. Bafus, Fenwick & West LLP, San Francisco, CA for defendants Camp, Graves, Huffinton, Al-Rumayyan, Gurley and Bonderman. Donald J. Wolfe, Jr., T. Brad Davey, J. Matthew Belger and Jacob R. Kirk-ham, Potter Anderson & Corroon LLP, Wilmington, DE for defendant Kalanick. Jody C. Barillare, Susan D. Resley and Marc J. Sonnenfield, Morgan, Lewis & Bockius LLP, Wilmington, DE for defendant Yoo. A. Thompson Bayliss and Michael A. Barlow, Abrams & Bayliss LLP, Wilmington, DE; Mark P. Gimbel, C. William Phillips and Bryant Pulsipher, Covington & Burling LLP, New York, NY and San Francisco, CA for defendant Uber Technologies.

    Case Number: D68533

    Plaintiff in this derivative action failed to demonstrate that demand on the board of directors would have been futile due to the directors' inability to exercise business judgment with regard to the matter.

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  • Olenik v. Lodzinski

    Publication Date: 2019-04-17
    Practice Area: Deals and Transactions
    Industry: Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Jeremy S. Friedman, Spencer Oster and David F.E. Tejtel, Friedman Oster & Tejtel, PLLC, New York, NY; Ned Weinburger and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer and David Sborz, Andrews & Springer LLC, Wilmington, DE for plaintiff.
    for defendant: Kenneth J. Nachbar, D. McKinley Measley and Lauren Neal Bennett, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Gerard G. Pecht, Peter A. Stokes and William Patrick Courtney, Norton Rose Fullbright US LLP, Houston, TX and Austin, TX for defendants Lodzinski, Singleton, Bold Energy III LLC and Earthstone Energy, Inc. Rolin P. Bissell and James M. Yoch, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, Craig E. Zieminski, Stephen S. Gilstrap, R. Kent Piacenti and Jeffrey Crough, Vinson & Elkins LLP, Dallas, TX for defendants Swanson, Thielmann, Zorich, EnCap Investments, Bold Energy Holdings, LLC and Oak Valley Resources, LLC.

    Case Number: D68531

    Plaintiff alleged sufficient facts to avoid dismissal of this derivative action, because substantive economic negotiations occurred prior to the formation of a special committee.

  • Duncan v. Vantage Corp.

    Publication Date: 2019-04-17
    Practice Area: Securities Litigation
    Industry: Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Catherine A. Gaul and Aaron P. Sayers, Ashby & Geddes, Wilmington, DE; Raymond L. Moss and Michael P. Gilmore, Moss & Gilmore LLP for plaintiff.
    for defendant: Philip A. Rovner and Jonathan A. Choa, Potter Anderson & Corroon LLP, Wilmington, DE; J. Allen Maines, Gregory J. Digel and Caroline Johnson Tanner, Holland & Knight LLP, Atlanta, GA for defendants Askew and Finegold.

    Case Number: D68530

    The court proceeded to consider a motion to dismiss as to individual defendants, even though the corporate defendants filed for bankruptcy.

  • Sun Life Assurance Co. of Canada v. Group One Thousand One, LLC

    Publication Date: 2019-04-10
    Practice Area: Contractual Disputes
    Industry: Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge LeGrow
    Attorneys: For plaintiff: Raymond J. DiCamillo, Travis S. Hunter and Renee M. Mosley, Richards, Layton & Finger, P.A., Wilmington, DE; Daniel M. Abuhoff and Matthew D. Forbes, Debevoise & Plimpton LLP, New York, NY for plaintiff.
    for defendant: Robert S. Saunders, Matthew P. Majarian and Daniel S. Atlas, Skadden, Arps, Slate, Meagher & Flown LLP, Wilmington, DE for defendant.

    Case Number: D68524

    A forum selection clause in the parties' stock purchase agreement could not confer jurisdiction on the chancery court where it was not otherwise available.

  • Silver Management Group, Inc. v. AdvisorEngine Inc.

    Publication Date: 2019-04-03
    Practice Area: Contractual Disputes | Fee Disputes
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Raymond J. DiCamillo, Jeffrey L. Moyer and Nicole K. Pedi, Richards, Layton & Finger, P.A., Wilming-ton, DE for plaintiff.
    for defendant: David J. Teklits and Coleen W. Hill, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Gene W. Lee, Perkins Coie LLP, New York for defendant.

    Case Number: D68515

    The plain language of the parties' agreement excluded certain items from the licensing fee calculation and a party's attempt to terminate a contract was ineffective, so the court granted summary judgment on those matters.

  • English v. Narang

    Publication Date: 2019-04-03
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; W. Scott Holleman and Garam Choe, Johnson Fistel, LLP, New York, NY for plaintiffs.
    for defendant: Elena C. Norman and Daniel M. Kirshenbaum, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Joshua Z. Rabinovitz, Kirkland & Ellis LLP, Chicago, IL; Devora W. Allon, Kirkland & Ellis LLP, New York, NY for defendants.

    Case Number: D68510

    Breach of fiduciary duty following tender offer merger transaction dismissed where plaintiffs failed to present facts supporting allegation that controlling stockholder had motivation to engineer sale for personal liquidity concerns or that the board intentionally depressed company projections in the tender offer recommendation statement.