• In re Geron Corp. Stockholder Derivative Litig.

    Publication Date: 2022-06-21
    Practice Area: Corporate Governance
    Industry: Biotechnology | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; 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; Brian J. Robbins, Craig W. Smith, Shane P. Sanders, Emily R. Bishop, Robbins LLP, San Diego, CA; Richard A. Maniskas, RM Law, P.C., Berwyn, PA for plaintiffs.
    for defendant: D. McKinley Measley, Sarah P. Kaboly, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brett De Jarnette, John C. Dwyer, Cooley LLP, Palo Alto, CA; Ryan E. Blair, Cooley LLP, San Diego, CA for defendants.

    Case Number: D69855

    Although plaintiff shareholders' failure of oversight claim was likely to be subsumed by their fraudulent/misleading disclosure claim, the court stayed the action pending the outcome of a related securities action in another jurisdiction that would likely resolve genuine issues of material fact in the present case.

  • In re Global Discovery Biosciences Corp.

    Publication Date: 2022-06-14
    Practice Area: Corporate Governance
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen C. Norman, David A. Seal, Potter Anderson & Corroon LLP, Wilmington, DE; Eric Landau, Travis Biffar, Ellenoff Grossman & Schole LLP, Irvine, CA for petitioners.
    for defendant: Corinne E. Amato, Mary S. Thomas, John G. Day, Christine N. Lafferty, Prickett, Jones & Elliott, P.A., Wilmington, DE; Marc P. Miles, Kristy A. Schlesinger, Shook, Hardy & Bacon L.L.P., Irvine, CA for respondent.

    Case Number: D69846

    Court affirmed validity of stockholder consent where evidence was insufficient to establish that purported equity issuances were valid and therefore diluted the ownership interest of the stockholders voting in favor of the consent.

  • Schoenmann v. Irvin

    Publication Date: 2022-06-14
    Practice Area: Corporate Governance
    Industry: Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stacey A. Scrivani, Stevens & Lee, P.C., Wilmington, DE for plaintiff.
    for defendant: Joanna J. Cline, Christopher B. Chuff, Emily L. Wheatley, Troutman Pepper Hamilton Sanders LLP, Wilmington, DE for defendants.

    Case Number: D69850

    Direct corporate claims were equitably tolled under statute of limitations where plaintiff, who had superior information rights as member and manager, sufficiently alleged that controller had intentionally manipulated operations and financial records to conceal misconduct.

  • Harris v. Junger

    Publication Date: 2022-06-07
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen E. Jenkins, Richard D. Heins, Ashby & Geddes, Wilmington, DE; Donald J. Enright, Elizabeth K. Tripodi, Brian D. Stewart, Levi & Korsinsky, LLP, Washington, D.C.; D. Seamus Kaskela, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Brock E. Czeschin, Richards, Layton & Finger, P.A., Wilmington, DE; John P. Stigi III, Sheppard, Mullin, Richter, & Hampton LLP, Los Angeles, CA for defendants.

    Case Number: D69840

    Breach of fiduciary claims not dismissed where director who later pled conflict of interest continued to participate in board discussions over merger.

  • Sciabacuccchi v. Liberty Broadband Corp.

    Publication Date: 2022-05-17
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Nathan A. Cook, Block & Leviton LLP, Wilmington, DE; Kurt M. Heyman, Aaron M. Nelson, Melissa N. Donimirski, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Jason M. Leviton, Joel A. Fleming, Lauren G. Milgroom, Block & Leviton LLP, Boston, MA; Gregory V. Varallo, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Alla Zayenchik, Thomas James, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: David C. McBride, Martin S. Lessner, James M. Yoch, Jr., Paul J. Loughman, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; William Savitt, Ryan A. McLeod, Anitha Reddy, Adam M. Gogolak, David E. Kirk, Zachary M. David, Wachtell, Lipton, Rosen & Katz, New York, NY; Peter J. Walsh, Jr., Brian C. Ralston, Tyler J. Leavengood, Jaclyn C. Levy, Potter Anderson & Corroon LLP, Wilmington, DE; Richard B. Harper, Baker Botts LLP, New York, NY; Thomas E. O’Brien, Baker Botts LLP, Dallas, TX for defendants.

    Case Number: D69818

    Summary judgment on director fiduciary claims denied where the evidence was not so overwhelming for the court to find, as a matter of law, that a majority of directors were independent and thus the board could exercise its business judgment to enter into challenged transactions.

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  • Knight v. Miller

    Publication Date: 2022-05-10
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen E. Jenkins, Tiffany Geyer Lydon, Ashby & Geddes, P.A., Wilmington, DE; Gregory Mark Nespole, Daniel Tepper, Correy A. Kamin, Ryan C. Messina, Levi & Korsinsky, LLP, New York, NY for plaintiff.
    for defendant: Francis G.X. Pileggi, Cheneise V. Wright, Lewis Brisbois Bisgaard & Smith LLP, Wilmington, DE; Gary A. Orseck, Matthew M. Madden, Jason A. Shaffer, Kramer Levin Robbins Russell, Washington, D.C. for defendants.

    Case Number: D69809

    The court found that plaintiff's complaint that challenged equity grants made to directors would be reviewed under the entire fairness standard and withstood a motion to dismiss.

  • Huret v. MondoBrain, Inc.

    Publication Date: 2022-05-10
    Practice Area: Contracts
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Michael W. McDermott, Peter C. McGivney, Berger Harris LLP, Wilmington, DE for plaintiffs.
    for defendant: James D. Taylor, Jr., Saul Ewing Arnstein & Lehr LLP, Wilmington, DE; Joseph L. Manson III, Law Offices of Joseph L. Manson III, Alexandria, VA for defendants.

    Case Number: D69807

    The court found that director defendant named in a shareholder derivative suit was not entitled to indemnification for his defense costs because the settlement agreement he negotiated did not constitute success on the merits.

  • Yeilding v. Council of Ass'n of Unit Owners of Pelican Cove Condo.

    Publication Date: 2022-05-03
    Practice Area: Real Estate
    Industry: Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Dean A. Campbell, Law Office of Dean A. Campbell, P.A., Milton, DE for plaintiffs.
    for defendant: Richard E. Berl, Jr., Hudson, Jones, Jaywork & Fisher, LLC, Lewes, DE for defendants.

    Case Number: D69800

    Condominium owners' action for declaratory judgment and injunctive relief failed where they failed to show that their rights under the condominium's governing documents had been irreparably impaired by the HOA's actions.

  • Pentwater Capital Mgmt. LP v. Kaz

    Publication Date: 2022-04-26
    Practice Area: Contracts
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Stephen B. Brauerman, Jason C. Jowers, Sarah T. Andrade, Justin C. Barrett, Bayard P.A. Wilmington, DE for plaintiffs.
    for defendant: Rudolf Koch, Kyle Lachmund, Richards, Layton & Finger, P.A., Wilmington, DE; Daniel Lynch, Lynch Thompson LLP, Chicago, IL for defendant.

    Case Number: D69790

    The court held that any harm incurred by plaintiffs by allowing the forum selection cause issue to be litigated in Illinois was of their own making such that plaintiffs should not be allowed to enjoin the Illinois action.

  • Sorenson Impact Found. v. Cont'l Stock Transfer & Trust Co.

    Publication Date: 2022-04-19
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Eric D. Selden, Anthony M. Calvano, Ross Aronstam & Moritz LLP, Wilmington, DE; Cameron M. Hancock, Adam D. Wahlquist, Kirton McConkie, Salt Lake City, UT for plaintiffs.
    for defendant: Peter B. Ladig, Bayard, P.A., Wilmington, DE; Mark A. Harmon, Erin N. Teske, Hodgson Russ LLP, New York, NY; P. Clarkson Collins, Jr., K. Tyler O'Connell, Morris James LLP, Wilmington, DE; Anna Rotman, Kirkland & Ellis LLP, Houston, TX for defendants.

    Case Number: D69783

    The court, in this diverted merger consideration case, determined that defendant was not bound by a contract's forum selection clause because it was not a party to the contract and did not have sufficient contacts with Delaware to confer jurisdiction under the long-arm statute.