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  • Ellis v. Gonzalez

    Publication Date: 2018-07-25
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Francis A. Bottini, Jr. and Albert Y. Chang for plaintiff
    for defendant: Lisa A. Schmidt, Daniel E. Kaprow, Robert J. Kopecky and Joshua Z. Rabinovitz for defendants.
    Case Number: D68225

    Stockholder in this derivative action failed to establish that defendants faced a substantial threat of personal liability, so the court found demand was not excused.

  • Fringer v. Kersey Homes, Inc.

    Publication Date: 2018-07-11
    Practice Area: Business Torts | Corporate Entities
    Industry: Construction | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Dean A. Campbell, Law Office of Dean A. Campbell, P.A., Georgetown, DE, attorney for plaintiff
    for defendant: Richard E. Berl, Jr., Hudson, Jones, Jaywork & Fisher, LLC, Lewes, DE, attorney for defendants.
    Case Number: D68206

    Piercing of corporate veil granted where evidence indicated corporation fraudulently transferred sole asset to avoid collection by judgment creditor.

  • In Re Straight Path Commc'ns Inc. Consolidated Stockholder Litig.

    Publication Date: 2018-07-11
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; March Lebovitch, Edward Timlin, John Vielandi, and David MacIsaac, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Vincent R. Cappucci and Joshua K. Porter, Entwistle & Cappucci LLP, New York, NY, attorneys for plaintiffs
    for defendant: Rudolf Koch, Kevin M. Gallagher, Sarah A. Clark, and Anthony M. Calvano, Richards, Layton & Finger, P.A., Wilmington, DE; William Ohlemeyer, Edward Normand, and Jason Cyrulnik, Boies Schiller Flexner LLP, Armonk, NY; Kevin G. Abrams, Michael A. Barlow, and April M. Kirby, Abrams & Bayliss, Wilmington, DE; Greg A. Danilow, Seth Goodchild, and Thomas G. James, Weil, Gotshal & Manges LLP, New York, NY, attorneys for defendants.
    Case Number: D68207

    Claim that controlling stockholder improperly used influence to acquire company asset in exchange for approving sale of the company was a direct claim that could be brought by stockholders since they would have received consideration for the asset but for the controller's conduct.

  • WNYH, LLC v. AccuMED Corp.

    Publication Date: 2018-06-13
    Practice Area: Contracts | Deals and Transactions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kevin G. Abrams, Matthew L. Miller, Christopher R. Rodi and Brian J. Capitummino for plaintiff
    for defendant: Gregory v. Varallo and Susan M. Hannigan for defendants.
    Case Number: D68181

    The parties to a sale agreement did not condition the transaction on tax-free status, so the seller did not have a breach of contract claim against the buyer, but the court refused to dismiss a claim relating to an escrow ac-count, because the parties' escrow settlement agreement was ambiguous.

  • The Dow Chem. Co. v. Organik Kimya Holding A.S.

    Publication Date: 2018-06-06
    Practice Area: Commercial Law | Trade Secrets
    Industry: Chemicals and Materials
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rodger D. Smith II, Ryan D. Stottmann, Charles K. Verhoeven, Raymond N. Nimrod and James E. Baker for plaintiffs
    for defendant: Kathleen Furey McDonough, John A. Sensing, Ryan C. Cicoski, J. Robert Robertson and Benjamin Holt for defendants.
    Case Number: D68171

    In this trade secret matter, plaintiff alleged sufficient facts to provide defendants with notice of its claims, and the court held it was premature to determine choice of law and preemption issues.

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  • In re Energy Transfer Equity, L.P. Unitholder Litig.

    Publication Date: 2018-05-30
    Practice Area: Class Actions | Mergers and Acquisitions | Securities Litigation
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael Hanrahan, Paul A. Fioravanti, Jr., Kevin H. Davenport, Samuel L. Closic, and Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Marc A. Topaz, Lee D. Rudy, Eric L. Zagar, Michael C. Wagner, and Grant D. Goodhart, III, Kessler Topaz Meltzer & Check, LLP, Radnor, PA, attorneys for plaintiffs
    for defendant: Rolin P. Bissel, James M. Yoch, Jr., and Benjamin M. Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, John C. Wander, Craig E. Zieminski, and Andrew E. Jackson, Vinson & Elkins LLP, Dallas, TX; David E. Ross and Benjamin Z. Grossberg, Ross Aronstam & Moritz LLP, Wilmington, DE; M. Scott Barnard, Michelle Reed, and Lauren E. York, Akin Gump Strauss Hauer & Feld LLP, Dallas, TX, attorneys for defendants.
    Case Number: D68160

    Unitholders' complaint challenging private issuance of securities to insiders established unfairness of transaction, but did not warrant equitable relief cancelling the transaction where partnership was not injured by transaction.

  • MHS Capital LLC v. Goggin

    Publication Date: 2018-05-23
    Practice Area: Corporate Governance
    Industry: Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Philip Trainer, Jr., Marie M. Degnan, Stanley S. Arkin, Robert C. Angelillo and Alex Reisen for plaintiff
    for defendant: Gregory V. Varallo, Susan M. Hannigan, David L. Katsky, Adrienne B. Koch and Joseph Weiner for de-fendants Goggin and Goodwin; Michael Busenkell and Michael T. Leigh for defendant Collins.
    Case Number: D68153

    Where an operating agreement contained an exculpatory provision, plaintiff was entitled to proceed only on its breach of contract claim.

  • Capone v. LDH Mgmt Holdings LLC

    Publication Date: 2018-05-09
    Practice Area: Corporate Entities
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Daniel A. Dreisbach and Ryan P. Durkin, Richards, Layton & Finger, PA, Wilmington, DE; Brendan V. Sullivan, Jr., Stephen L. Urbanczyk, Paul Mogin, Steven M. Cady, and Matthew H. Blumenstein, Williams & Connolly LLP, Washington, DC, attorneys for plaintiffs
    for defendant: Donald J. Wolfe, Jr., T. Brad Davey, and Seth R. Tangman, Potter Anderson & Corroon LLP, Wilmington, DE; Andrew Ditchfield, David B. Toscano, Edward Fu, and Sagar D. Thakur, Davis Polk & Wardwell LLP, New York, NY, attorneys for defendants.
    Case Number: D68134

    Cancellation certificate nullified where LLC failed to set aside reserve for viable, non-frivolous claims that it had knowledge of.

  • LVI Grp. Inv., LLC v. NCM Grp. Holdings, LLC

    Publication Date: 2018-04-18
    Practice Area: Business Torts | Civil Procedure | Mergers and Acquisitions
    Industry: Construction
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Rudolf Koch, Matthew W. Murphy, and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Steven C. Florsheim, Greg Shinall, Daniel A. Shmikler, Michael G. Dicker, and Trevor K. Scheetz, Sperling & Slater, P.C., Chicago, IL, attorneys for plaintiff
    for defendant: Richard D. Heins, Philip Trainer, Jr., and Hayley M. Lenahan, Ashby & Geddes, Wilmington, DE; Stephen Novack, Donald A. Tarkington, Andrew D. Campbell, Elizabeth C. Wolicki, and Yvette V. Mishev, Novack and Macey, LLP, Chicago, IL, attorneys for defendants.
    Case Number: D68112

    Fraud complaint against majority stakeholder of merged corporation, and the stakeholders principals, maintained where counterparty to merger pled that defendants intentionally directed falsification of merged corporations pre-merger financials.

  • In re Oracle Corp. Derivative Litig.

    Publication Date: 2018-04-04
    Practice Area: Corporate Governance
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher P. Quinn, Randall J. Baron, David T. Wissbroecker, Da-vid Knotts, Brian J. Robbins, Stephen J. Oddo and Gregory Del Gaizo for plaintiff
    for defendant: Elena C. Norman, Nicholas J. Rohrer, Benjamin M. Potts and Peter A. Wald for individual defendants; Thomas A. Beck, Blake Rohrbacher and Susan M. Hannigan for nominal defendant Oracle Corp.
    Case Number: D68097

    In this derivative action, the complaint adequately alleged that the majority of the board lacked independence, so demand on the board was futile.