• Conte v. Greenberg

    Publication Date: 2024-02-19
    Practice Area: Corporate Governance
    Industry: Consumer Products | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thomas A. Uebler, Terisa A. Shoremoun, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Melinda A. Nicholson, Nicolas Kravitz, Kahn Swick & Foti, LLC, New Orleans, LA; Roger A. Sachar, Newman Ferrara LLP, New York, NY; Domenico Minerva, Labaton Sucharow LLP, New York, NY for plaintiff.
    for defendant: A. Thompson Bayliss, E. Wade Houston, Eliezer Y. Feinstein, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Brad D. Brian, John M. Gildersleeve, Abraham B. Dyk, Munger, Tolles & Olson LLP, Los Angeles, CA; Kenneth J. Nachbar, Susan W. Waesco, Miranda N. Gilbert, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Abby F. Rudzin, O’Melveny & Myers LLP, New York, NY; Matthew F. Davis, Tyler J. Leavengood, Potter Anderson & Corroon LLP, Wilmington, DE; Kenneth A. O’Brien, Jr., Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA for defendants.

    Case Number: 2022-0633-MTZ MEMORANDUM OPINION

    Plaintiff failed to plead demand futility due to the lack of directors' personal liability for oversight and corporate waste claims, as the failure to implement a formal policy governing executives' personal use of corporate aircraft did not, by itself, amount to bad faith, and any financial loss from personal use constituted a fraction of a percentage of the company's expenses and profits.

  • Labyrinth, Inc. v. Urich

    Publication Date: 2024-02-05
    Practice Area: Mergers and Acquisitions
    Industry: Software
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Blake Rohrbacher, John D. Hendershot, Sandy Xu, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Kira N. Lum, Royer Cooper Cohen Braunfeld LLC, Philadelphia, PA for plaintiffs.
    for defendant: Jesse L. Noa, Tyler E. Cragg, Andrew Moshos, Hannah L. Paxton, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: 2023-0327-MTZ

    Buyers in corporate acquisition adequately pled fraud claims where acquisition agreement expressly stated that seller had not changed its accounting practices even though seller's owners expressly accelerated the collection of accounts receivable, which made attached financials inaccurate.

  • Perik v. Student Res. Ctr., LLC

    Publication Date: 2024-01-29
    Practice Area: Corporate Entities
    Industry: Education
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Kevin M. Coen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
    for defendant: Jeffrey J. Lyons, Baker & Hostetler LLP, Wilmington, DE for defendant.

    Case Number: 2023-0813-MTZ

    Court declined to enter summary judgment where there was a genuine issue of material fact as to whether plaintiffs had provided valid consent to the elimination/revocation of their vested advancement rights under the companies' operating agreements upon the amendment/restatement of those agreements.

  • City of Hialeah Employees' Ret. Sys. v. Insight Venture Partners, LLC

    Publication Date: 2024-01-08
    Practice Area: Mergers and Acquisitions
    Industry: Financial Services and Banking | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Saxena White P.A., White Plains, NY; Adam Warden, Saxena White P.A., Boca Raton, FL; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Wilmington, DE, Andrews & Springer LLC for plaintiff.
    for defendant: Garrett B. Moritz, S. Reiko Rogozen, Ross Aronstam & Moritz LLP, Wilmington, DE; Steven M. Farina, George A. Borden, Brian T. Gilmore, Williams & Connolly LLP, Washington, DC; William M. Lafferty, Ryan D. Stottmann, Rachel R. Tunney, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Tariq Mundiya, Jeffrey B. Korn, Richard Li, Ciara A. Sisco, Willkie Farr & Gallagher LLP, New York, NY for defendants.

    Case Number: 2022-0846-MTZ

    Plaintiff failed to plead demand futility for derivative complaint where controller's ability to remove board members by itself could not establish a lack of independence and a majority of the board's financial ties did not prevent them from exercising independent judgment.

  • MALT Family Trust v. 777 Partners LLC

    Publication Date: 2023-11-27
    Practice Area: Mergers and Acquisitions
    Industry: Aerospace | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Catherine A. Gaul, Michael J. Vail, Ashby & Geddes, P.A., Wilmington, DE; David W. Affeld, Edward E. Johnson, Affeld Grivakes LLP, Los Angeles, CA for plaintiffs.
    for defendant: William E. Manning, Jessica M. Jones, Michelle C. Streifthau-Livizos, Saul Ewing LLP, Wilmington, DE for defendants.

    Case Number: 2022-0652-MTZ

    Although plaintiffs failed to identify a contractual provision expressly requiring defendants to operate their aviation-related businesses through the parties' LLC, plaintiffs sufficiently alleged breaches of fiduciary duties by claiming that defendants usurped that business opportunity and caused the LLC to instead engage in marginally profitable interested transactions.

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  • Allen v. Harvey

    Publication Date: 2023-11-13
    Practice Area: Mergers and Acquisitions
    Industry: Energy | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; Joshua Fruchter, Wohl & Fruchter LLP, Monsey, NY for plaintiffs.
    for defendant: Tammy L. Mercer, James M. Yoch, Jr., Michael A. Laukaitis II, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Craig Zieminski, Andy Jackson, Jeremy Gonzales, Vinson & Elkins, LLP, Dallas, TX for defendants.

    Case Number: 2022-0248-MTZ

    Court declined to award a substantial success fee to stockholders who obtained supplemental disclosures to merger proxy where the disclosures did not remove an impediment to the stockholders' vote, but the disclosures provided a meaningful corporate benefit by informing stockholders about the transaction committee's affiliations with a controlling stockholder sitting on both sides of the merger transaction.

  • Keller v. Steep Hill, Inc.

    Publication Date: 2023-09-11
    Practice Area: Corporate Governance
    Industry: Agriculture | Consulting | Consumer Products
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Bruce E. Jameson, Eric J. Juray, Jason W. Rigby, Robert B. Lackey, Prickett, Jones & Elliott, P.A., Wilmington, DE; Thomas H. Vidal, Shamar Toms-Anthony, Pryor Cashman LLP, Los Angeles, CA for plaintiff.
    for defendant: David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Evan W. Bolla, Megan Dubatowka, Harris St. Laurent & Wechsler LLP, New York, NY for defendant.

    Case Number: 2022-0098-MTZ

    Reasoning that under the plain language of 8 Del. C. § 145 a director or officer may recover for fees incurred by a wholly owned entity, the court held that plaintiff was entitled to indemnification for breach of contract claims brought against an entity owned by him as well as for counterclaims brought by him and the entity.

  • In re AMC Ent. Holdings, Inc. Stockholder Litig.

    Publication Date: 2023-08-28
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Edward Timlin, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Michael J. Barry, Kelly L. Tucker, Jason M. Avellino, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; John A. Neuwirth, Joshua S. Amsel, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: 2023-0215-MTZ

    Court approved non-opt-out class for direct stockholder breach of fiduciary duty claims where obtaining opt-outs would be impractical under the circumstances and the proposed settlement provided relief to the entire class.

  • In Re AMC Ent. Holdings, Inc. Stockholder Litig.

    Publication Date: 2023-08-07
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Edward Timlin, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Michael J. Barry, Kelly L. Tucker, Jason M. Avellino, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; John A. Neuwirth, Joshua S. Amsel, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: 2023-0215-MTZ

    The court declined to approve a proposed settlement on behalf of a putative class of common stockholders noting that the release would release not only claims associated with the common stock but also claims related to the ownership of preferred equity units, even though plaintiffs had not brought an action on behalf of a class of preferred equity unitholders.

  • Bruckel v. Tauc Holdings, LLC

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ethan H. Townsend, Kevin M. Regan, McDermott Will & Emory LLP, Wilmington, DE; Jennifer Aronoff, McDermott Will & Emory LLP, Chicago, IL; Megan E. Thibert-Ind, Manatt, Phelps & Phillips, LLP, Chicago, IL for plaintiff.
    for defendant: Ronald N. Brown, III, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; James C. Bookhout, Mallory Biblo, DLA Piper LLP (US), Dallas, TX for defendant.

    Case Number: 2021-0579-MTZ

    The court granted plaintiff's motion for civil contempt and sanctions and shifted plaintiff's fees to defendant upon finding that defendant had "contemptuously" failed to fully and timely produce ordered documents.