• Equity-League Pension Trust Fund v. Great Hill Partners L.P.

    Publication Date: 2021-12-14
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Patrick C. Lynch, Lynch & Pine, Providence, RI, for plaintiff.
    for defendant: Paul J. Lockwood, Jenness E. Parker, Jacob J. Fedechko, Trevor T. Nielsen, Skadden, Arps, Slate, Meagher & Flom, Wilmington, DE; John L. Reed, Ronald N. Brown, III, Peter H. Kyle, Kelly L. Fruend, DLA Piper LLP (US), Wilmington, DE; Rudolf Koch, Matthew D. Perri, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE; Roberto M. Braceras, Caroline H. Bullerjahn, John A. Barker, Dylan E. Schweers, Goodwin Procter LLP, Boston, MA; Kurt M. Heyman, Gillian L. Andrews, Heyman Enerio Gattuso & Hir-zel, LLP, Wilmington, DE; Brandon F. White, Euripides Dalmanieras, Leah S. Rizkallah, Foley Hoag LLP, Boston, MA for defendants.

    Case Number: D69638

    The court held in this derivative suit that demand was not excused where there was no showing that at least five members of a nine-member board of directors were unable to consider a pre-suit demand. Motions to dismiss granted.

  • Knott Partners L.P. v. Telepathy Labs, Inc.

    Publication Date: 2021-12-07
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Neal C. Belgam, Jason Z. Miller, Michael C. Wagner, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Christopher M. Caparelli, Torys LLP, New York, NY for plaintiff.
    for defendant: Thomas G. Macauley, Macauley LLC, Wilmington, DE; Euripides D. Dalmanieras, Foley Hoag LLP, Boston, MA for defendant.

    Case Number: D69631

    Where a corporation failed to update its stock ledger after acknowledging a convertible note holder's conversion into preferred stock, court could look to extrinsic evidence beyond the ledger to determine standing for a §220 demand.

  • Hollywood Firefighters' Pension Fund v. Malone

    Publication Date: 2021-11-23
    Practice Area: Attorney Compensation
    Industry: Investments and Investment Advisory | Legal Services | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Michael Hanrahan, Kevin H. Davenport, Mary S. Thomas, Prickett, Jones & Elliott, P.A.; Mark Lebovitch, Jacqueline Y. Ma, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Lee D. Rudy, Eric L. Zagar, Christopher M. Windover, Matthew C. Benedict, Kessler Topaz Meltzer & Check, LLP, Randor, PA; Robert D.Klausner, Klausner Kaufman Jensen & Levinson, P.A., Plantation, FL; Aaron T. Morris, Morris Kandinov LLP, Stowe, VT for plaintiffs.
    for defendant: Robert S. Saunders, Joseph O. Larkin, Matthew P. Majarian, Ryan M. Lindsay, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Richard B. Harper, Thomas E. O’Brien, Vern Cassin, Baker Botts LLP, New York, NY; Kenneth J. Nachbar, Megan W. Cascio, Thomas P. Will, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Douglas D. Herrmann, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE for defendants.

    Case Number: D69614

    The court held that plaintiffs were entitled to a mootness fee in the amount of 9 million dollars.

  • In Re Chemours Co. Derivative Litig.

    Publication Date: 2021-11-16
    Practice Area: Corporate Entities
    Industry: Chemicals and Materials | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Robert D. Klausner, Stuart A. Kaufman, Klausner Kaufman Jensen & Levinson, Plantation, FL; Gustavo F. Bruckner, Daryoush Behbood, Pomerantz LLP, New York, NY; Kip B. Shuman, Shuman, Glenn & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Glenn & Stecker, Denver, CO; Brett D. Stecker, Shuman, Glenn & Stecker, Ardmore, PA for plaintiffs.
    for defendant: Joel Friedlander, Jeffrey Gorris, Christopher Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Jonathan M. Moses, Ryan A. McLeod, Justin L. Brooke, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: D69607

    Plaintiffs failed to allege sufficient facts to support claim of demand futility because it could not show that officers and directors faced substantial liability for approving stock repurchases and dividend payments. Motion to dismiss granted.

  • Ocean Bay Mart, Inc. v. The City of Rehoboth Beach

    Publication Date: 2021-10-27
    Practice Area: Land Use and Planning
    Industry: Real Estate | State and Local Government
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Richard A. Forsten, Pamela J. Scott, Elizabeth S. Fenton, Saul Ewing Arnstein & Lehr LLP, Wilmington, DE for plaintiff.
    for defendant: Max B. Walton, Lisa R. Hatfield, Connolly Gallagher LLP, Newark, DE for defendant.

    Case Number: D69584

    Plaintiff did not reasonably rely on previous city ordinances such that his rights did not become vested.

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  • AbbVie Endrocrine Inc. v. Takeda Pharm. Co. Ltd.

    Publication Date: 2021-10-06
    Practice Area: Contracts
    Industry: Distribution and Wholesale | Manufacturing | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, Joseph A. Sparco, Abrams & Bayliss LLP, Wilmington, DE; Paul J. Loh, Jason H. Wilson, Eileen M. Ahern, Amelia L.B. Sargent, Kenneth M. Trujillo-Jamison, Willenken LLP, Los Angeles, CA for plaintiff.
    for defendant: Kevin R. Shannon, Christopher N. Kelly, Daniel M. Rusk, IV, Potter Anderson & Corroon LLP, Wilmington, DE; Fred A. Kelly, Jr., Joshua S. Barlow, and Tiffany Jang, Haug Partners LLP, Boston, MA; David A. Zwally, Mark Basanta, Haug Partners LLP, New York, NY; Christopher Gosselin, Haug Partners LLP, Washington, DC for defendant.

    Case Number: D69558

    Pharmaceutical manufacturer breached supply agreement where its failure to maintain good manufacturing practices caused a shutdown of its production facility, leaving it unable to fulfill firm orders submitted by customer, which manufacturer was required to timely fill.

  • GMF ELCM Fund L.P. v. ELCM HCRE GP LLC

    Publication Date: 2021-10-06
    Practice Area: Contractual Disputes
    Industry: Health Care | Investments and Investment Advisory | Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Daniel E. Ross, Bradley R. Aronstam, Ross Aronstam & Moritz, Wilmington, DE; Joshua S. Amsel, Matthew R. Friedenberg, Weil, Gotshal & Manges LLP, New York, NY for plaintiffs.
    for defendant: Joseph H. Huston, Jr., Stevens & Lee P.C., Wilmington, DE; Robert K. Keach, Bernstein, Shur, Sawyer & Nelson, Portland, ME for receiver. Ryan P. Newell, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for nominal defendants.

    Case Number: D69561

    Claimant was entitled to indemnification of his litigation expenses, and the court granted his motion to intervene because he had a valid property interest which was not adequately protected by existing parties.

  • In the Matter of the Estate of Sullivan

    Publication Date: 2021-09-29
    Practice Area: Trusts and Estates
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Charles J. Durante, Scott E. Swenson, Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for petitioner.
    for defendant: Jason C. Powell, Thomas J. Reichert, The Powell Firm, LLC, Wilmington, DE for respondents.

    Case Number: D69550

    The law of decedent's domicile applied with respect to the proceeds of her two individual insurance policies, but Delaware law applied to a group policy.

  • Ligos v. Isramco, Inc.

    Publication Date: 2021-09-15
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Corinne Elise Amato, Kevin H. Davenport, Samuel L. Closic, Stephen D. Dargitz, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, J. Daniel Albert, Justin O. Reliford, Christopher M. Windover, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: William B. Chandler III, Bradley D. Sorrels, Daniyal M. Iqbal, Nora M. Crawford, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Steven Guggenheim, Wilson Sonsini Goodrich & Rosati, P.C., Palo Alto, CA; S. Mark Hurd, Daniel T. Menken, Morris Nichols Arsht & Tunnel, LLP, Wilmington, DE; Danny David, Amy Pharr Hefley, Baker Botts L.L.P., Houston, TX; Bradley R. Aronstam, Adam D. Gold, Anthony M. Calvano, Ross Aronstam & Moritz, Wilmington, DE for defendants.

    Case Number: D69535

    Business judgment review at the pleadings stage denied where minority stockholders were not informed that controller standing on both sides of cash-out merger transaction had also participated in an arbitration that would affect the value assets that made up a critical component of the company's overall value, thereby supporting an inference that the stockholder approval was uninformed.

  • Buttonwood Tree Value Partners, L.P. v. R.L. Polk & Co., Inc.

    Publication Date: 2021-08-18
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: R. Bruce McNew, Cooch and Taylor, P.A., Wilmington, DE for plaintiffs.
    for defendant: David A. Dorey, Blank Rome LLP, Wilmington, DE; Christopher M. Mason, Nixon Peabody LLP, New York, NY; Carolyn G. Nussbaum, Nixon Peabody LLP, Rochester, NY for defendants.

    Case Number: D69502

    Common interest doctrine could not support privilege for withheld documents that were shared by controlling stockholder and company chairman/president/CEO where evidence demonstrated that the controller also was acting to benefit his other controlling stockholder family members through the proposed self-tender transaction.