• In re: TransPerfect Global, Inc.

    Publication Date: 2021-05-19
    Practice Area: Corporate Entities
    Industry: Consulting
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Kevin R. Shannon, Potter Anderson & Corroon LLP, Wilmington, DE; Philip S. Kaufman, Kramer Levin Naftalis & Frankel LLP, New York, NY for petitioner.
    for defendant: Jeremy D. Eicher, Eicher Law LLC, Wilmington, DE; David B. Goldstein, Rabinowitz, Boudin, Standard, Krinsky & Lieberman, P.C., New York, NY for respondent Shawe. Frank E. Noyes, II, Offit Kurman, P.A., Wilmington, DE; Adam K. Bult, Brownstein Hyatt Farber Schreck, LLP, Las Vegas, NV for nominal party TransPerfect Global.

    Case Number: D69399

    Court-appointed corporate custodian was entitled to reimbursement of fees and expenses incurred in responding to majority owner's frivolous litigation challenging custodian's fee petitions.

  • 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.

  • Dieckman v. Regency GP LP

    Publication Date: 2021-03-10
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Christine M. Mackintosh, Vivek Upadhya, Michael D. Bell, Grant & Eisenhofer P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Jeroen van Kwawegen, Edward G. Timlin, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiff.
    for defendant: Rolin P. Bissell, Tammy L. Mercer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, John C. Wander, Craig E. Zieminski, Vinson & Elkins LLP, Dallas, TX for defendants.

    Case Number: D69320

    Although board member was placed on conflicts committee prior to merger when the member did not meet qualifications under the company's partnership agreement, the evidence was insufficient to find that the merger was unfair or unreasonable to the company or its limited partners, and the lack of evidence of bad faith or willful misconduct also triggered application of an exculpation from money damages.

  • In re WeWork Litig.

    Publication Date: 2021-01-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: William B. Chandler III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, Dylan G. Savage of Wil-son Sonsini Goodrich & Rosati, P.C. , Palo Alto for plaintiff We Company; William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plain-tiffs Neumann and We Holdings LLC.
    for defendant: Robert S. Saunders, Sarah R. Martin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, of Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morrison & Foerster LLP, San Fran-ciso, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Baylis LLP, Wilmington, DE; John B. Quinn, Molly Stephens of Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.

    Case Number: D69249

    A temporary committee created by a company's board of directors did not have authority to terminate a lawsuit that was filed by an earlier special committee.

  • In re WeWork Litig.

    Publication Date: 2020-11-18
    Practice Area: Deals and Transactions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, Sara Toscano, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plaintiffs.
    for defendant: William B. Chandler, III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; David J. Berger, Steven M. Gugen-heim, Dylan G. Savage, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY for the special committee of the board of directors of The We Co. Robert S. Saunders, Sarah R. Martin, Arthur R. Bookout, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY for The We Co. Elena C. Norman, Rolin P. Bissell, Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, Morrison & Foerster LLP, Palo Alto, CA; James Bennett, Jordan Eth, Morri-son & Foerster LLP, San Francisco, CA for defendant SoftBank Group Corp. Michael A. Barlow, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John B. Quinn, Molly Stephens, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendant SoftBank Vision Fund.

    Case Number: D69193

    Plaintiff stated a claim against defendants for breach of contract, but his breach of fiduciary duty claim was duplicative of the contract claim.

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  • In re Baker Hughes Inc. Merger Litig.

    Publication Date: 2020-11-11
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Ned Weinberger, Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Thomas A. Uebler, Joseph L. Christensen, Hayley M. Lenahan of McCollow D’Emilio Smith Uebler LLC, Wilmington, DE; Jeroen van Kwawegen, Edward G. Tim-lin, Alla Zayenchik, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank R. Schirripa, Kurt Hunciker, Hach Rose Schirripa & Cheverie LLP, New York, NY for plaintiffs.
    for defendant: Kevin R. Shannon, Matthew F. Davis, Callan R. Jackson of Potter Anderson & Corroon LLP, Wilmington, DE; Samuel W. Cooper, Paul Hastings LLP, Houston, TX; Edward Han, Paul Hastings LLP, Palo Alto, CA; Michael P. Kelly, Andrew S. Dupre, Sarah E. Delia, McCarter & English, LLP, Wilmington, DE; Alan S. Goudiss, Paula H. Anderson, Grace J. Lee, Shearman & Sterling, LLP, New York, NY for defendants.

    Case Number: D69185

    Except for the failure to include certain information in the proxy statement, plaintiffs failed to state a claim against the company's directors for breach of fiduciary duty.

  • In re: TrueCar, Inc. Stockholder Derivative Litig.

    Publication Date: 2020-10-14
    Practice Area: Corporate Governance
    Industry: Automotive | E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Thomas A. Uebler, Jeremy J. Riley, McCollom D’emilio Smith Uebler LLC, Wilmington, DE; P. Bradford deLeeuw, Deleeuw Law LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Eda Ayrim Walker, Kahn Swick & Foti, LLC, New Orleans, LA; Ashley R. Rifkin, Steven R. Wedeking, Robbins LLP, San Diego, CA; Jeffrey S. Abraham, Michael J. Klein, Abraham, Fruchter & Twersky, LLP, New York, NY for plaintiffs.
    for defendant: Shannon E. German, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Jerome F. Birn, Jr., Catherine Moreno, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; Gregory P. Williams, Brock E. Czeschin, Kevin M. Regan, Richards, Layton & Finger, P.A., Wilmington, DE; Albert H. Manwaring, IV, Albert J. Carroll, Morris James LLP, Wilmington, DE; Brian Michael Lutz, Michael J. Kahn, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Jon E. Abramczyk, Ryan D. Stottmann, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Jon E. Abramczyk, Ryan D. Stottmann, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Ralph C. Ferrara, Ann M. Ashton, Proskauer Rose LLP, Washington, DC; Julia D. Alonzo, Proskauer Rose LLP, New York, NY for defendants.

    Case Number: D69152

    Stockholders' derivative action dismissed for failure to make litigation demand where plaintiffs failed to plead facts showing that directors faced reasonable risk of liability from the derivative action and thus could not impartially consider a litigation demand.

  • In re WeWork Litig.

    Publication Date: 2020-09-02
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: William B. Chandler III, Brad D. Sorrels, Lori W. Will, Lindsay Kwoka Faccenda, Leah E. Brenner, and Jeremy W. Gagas, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Michael S. Sommer, Wilson Sonsini Goodrich & Rosati, P.C., New York, NY; David J. Berger, Steven M. Guggenheim, and Dylan G. Savage, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; William M. Lafferty, Kevin M. Coen, Sabrina M. Hendershot, and Sara Toscano, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Eric Seiler, Philippe Adler, and Mala Ahuja Harker, Friedman Kaplan Seiler & Adelman LLP, New York, NY; William Christopher Carmody, Shawn J. Rabin, and Arun Subramanian, Susman Godfrey L.L.P., New York, NY for plaintiffs.
    for defendant: Robert S. Saunders and Sarah R. Martin, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; George A. Zimmerman, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Elena C. Norman, Rolin P. Bissell, and Nicholas J. Rohrer, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Erik J. Olson, Morrison & Foerster LLP, Palo Alto, CA; James Bennett and Jordan Eth, Morrison & Foerster LLP, San Francisco, CA; Michael A. Barlow and E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John B. Quinn and Molly Stephens, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for defendants.

    Case Number: D69102

    Corporation could not bar specific directors from privileged information provided to the corporation as the director's management authority rendered it a joint client of the corporation and its board.

  • In re Coty Inc. Stockholder Litig.

    Publication Date: 2020-09-02
    Practice Area: Corporate Governance
    Industry: Consumer Products
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Ned Weinberger, Labaton Sucharow LLP, Wilmington, DE; John Vielandi and David MacIsaac, Labaton Sucharow LLP, New York, NY; Joel Friedlander, Jeffrey M. Gorris and Christopher P. Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Jeremy S. Friedman and David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; D. Seamus Kaskela, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Kevin R. Shannon, J. Matthew Belger and Nicholas D. Mozal of Potter Anderson & Corroon LLP, Wil-mington, DE; Gregory P. Williams, Raymond J. DiCamillo, Angela Lam and Kevin M. Regan, Richards Layton & Finger, P.A, Wilmington, DE; James W. Ducayet, Nilofer Umar, Benjamin Friedman and Zarine Alam, Sidley Austin LLP, Chicago, IL; Paul J. Lockwood, Alyssa S. O’Connell and Bonnie W. David, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Lauren E. Aguiar, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY; Patricia L. Enerio and Aaron M. Nelson, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for defendants and nominal defendant.

    Case Number: D69105

    Stockholder alleged sufficient facts to support their claims for breach of contract and breach of fiduciary duty, so the court denied defendants' motion to dismiss.

  • Agspring Holdco, LLC v. NGP X US Holdings, L.P.

    Publication Date: 2020-08-12
    Practice Area: Mergers and Acquisitions
    Industry: Agriculture
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Joseph C. Schoell, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Jane E. Maschka, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN; Jacob D. Bylund and David W. Creasey, Faegre Drinker Biddle & Reath LLP, Des Moines, IA, for plaintiffs.
    for defendant: James M. Yoch, Jr. and Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, Melissa L. James, R. Kent Piacenti, Meredith S. Jeanes, and Jared D. Wilkinson, Vinson & Elkins LLP, Dallas, TX; Corinne Elise Amato and Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Todd W. Ruskamp and Daniel J. Schwaller, Shook, Hardy & Bacon L.L.P., Kansas City, MO for defendants.

    Case Number: D69078

    Court declined to dismiss fraud claim arising from corporate acquisition where defendants allegedly affirmatively concealed information demonstrating the material falsity of their representations, rendering plaintiffs' claim timely under the doctrine of tolling, and where defendants had caused damage by concealing the financial distress of the company.