• Jacobs v. Akademos, Inc.

    Publication Date: 2024-11-12
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Elizabeth A. Sloan, Ballard Spahr LLP, Wilmington, DE; Jason C. Spiro, Thomas M. Kenny, Marissa DeAnna, Spiro, Harrison & Nelson, Montclair, NJ for plaintiffs.
    for defendant: Geoffrey G. Grivner, Kody M. Sparks, Buchanan Ingersoll & Rooney PC, Wilmington, DE; Geoffrey G. Grivner, Kody M. Sparks, Buchanan Ingersoll & Rooney PC, Wilmington, DE; Gavin J. Rooney, Lowenstein Sandler LLP, New York, NY for defendants.

    Case Number: 2021-0346-JTL

    Court rejected appraisal and breach of fiduciary duty claims where the record evidence demonstrated that plaintiff common stockholders' equity was worthless at the time of the merger as the company's investor's liquidation and redemption rights exceeded the company's reasonable value.

  • Bandera Master Fund LP v. Boardwalk Pipeline Partners, LP

    Publication Date: 2024-09-24
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, J. Peter Shindel, Jr., Daniel G. Paterno, Eric A. Veres, Samuel D. Cordle, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Srinivas M. Raju, Blake Rohrbacher, Matthew D. Perri, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Rolin P. Bissell, James M. Yoch, Jr., Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Stephen P. Lamb, Andrew G. Gordon, Harris Fischman, Robert N. Kravitz, Carter E. Greenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William Savitt, Sarah K. Eddy, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: 2018-0372-JTL

    Former limited partners' alternative theories of recovery against general partner in breach of partnership agreement action failed where Delaware Supreme Court had found general partner's reliance on outside counsel's opinion was entitled to conclusive presumption of good faith.

  • Hyde Park Venture Partners Fund III, L.P. v. FairXchange, LLC

    Publication Date: 2024-08-13
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, Samuel D. Cordle, Anthony R. Sarna, Abrams & Bayliss LLP, Wilmington, DE for petitioner.
    for defendant: David E. Ross, Garrett B. Moritz, Adam D. Gold, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE for respondent.

    Case Number: 2022-0344-JTL

    Court relied on deal price as corporation's fair market value during appraisal where the price operated as a floor on company value due to errors by the CEO that left value on the table.

  • Seavitt v. N-able, Inc.

    Publication Date: 2024-08-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Thomas Curry, Saxena White, P.A., Wilmington, DE; David Wales, Saxena White, P.A., White Plains, NY; Adam Warden, Saxena White, P.A., Boca Raton, FL; Julie Goldsmith Reiser, Richard A. Speirs, Cohen Milstein Sellers & Toll PLLC, New York, NY for plaintiff.
    for defendant: Raymond J. DiCamillo, Matthew D. Perri, Nicole M. Henry, Kevin M. Kidwell, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.

    Case Number: 2023-0326-JTL

    Governance provisions transferring authority from board to controlling investors was facially invalid where such provisions had not been incorporated into the corporate charter, as charters could not incorporate private agreements by reference without rendering them non-public and preventing stockholders from amending the charter.

  • XRI Inv. Holdings LLC v. Holifield

    Publication Date: 2024-08-06
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, Samuel D. Cordle, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE; Angela C. Zambrano, Yolanda Cornejo Garcia, Margaret Hope Allen, Sidley Austin LLP, Dallas, TX; Robin Wechkin, Sidley Austin LLP, Issaquah, WA for plaintiff.
    for defendant: Michael W. McDermott, Richard I. G. Jones, Jr., David B. Anthony, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE for defendants.

    Case Number: 2021-0619-JTL

    Breach of LLC agreement's no-transfer provision was willful where member was charged with knowledge of the provision and knew that transferring his units was a critical part of a loan transaction he was attempting to close, as the member merely reasonably believed that the LLC would not object to the transaction.

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  • Gurney-Goldman v. Goldman

    Publication Date: 2024-07-30
    Practice Area: Corporate Governance
    Industry: Real Estate
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; S. Michael Blochberger, Abrams & Bayliss LLP, Wilmington, DE; Michael B. Carlinsky, David E. Myre, Ryan A. Rakower, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Paul J. Loughman, Robert M. Vrana, Michael A. Laukaitis II, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Mitchell Geller, Jasmine S. Chean, Holland & Knight LLP, New York, NY for plaintiffs.
    for defendant: Rudolf Koch, Daniel E. Kaprow, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Jason Cyrulnik, Paul Fattaruso, Cyrulnik Fattaruso LLP, New York, NY for defendant.

    Case Number: 2023-1124-JTL

    Lack of formal identification of managers meant that LLC operating family business was a member-managed entity, although deceased family member's LLC interest became an assignee interest held by his estate.

  • B.E. Capital Mgmt. Fund LP v. Fund.com Inc.

    Publication Date: 2024-07-30
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE, special magistrate;
    for defendant: Richard I.G. Jones, Jr., Harry W. Shenton, IV, Zachary J. Schnapp, Berger McDermott LLP, Wilmington, DE, attorneys for receiver.

    Case Number: 12843-VCL

    Court overruled receiver's objections to special magistrate's report on allegations of wrongdoing by receiver where the recommendations did not violate receiver's constitutional rights by remarking on receiver's invocation of Fifth Amendment privilege in a context that would not result in self-incrimination and did not recommend that receiver be convicted of a crime.

  • Trifecta Multimedia Holdings Inc. v. WCG Clinical Serv. LLC

    Publication Date: 2024-06-25
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Bradley R. Aronstam, Roger S. Stronach, Holley E. Newell, Ross Aronstam & Moritz LLP, Wilmington, DE; David S. Flugman, Lauren J. Zimmerman, Korey Boehm, Selendy Gay PLLC, New York, NY for plaintiffs.
    for defendant: Susan W. Waesco, Emily C. Friedman, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; William C. Jackson, Ashley Moore Drake, Goodwin Procter LLP, Washington, D.C.; Ariel E. Rogers, Goodwin Procter LLP, Redwood City, CA; Lauren E. Jackson, Goodwin Procter LLP, Boston, MA for defendant.

    Case Number: 2023-0699-JTL

    Statements that did not constitute mere puffery were sufficient to state a fraud claim where plaintiff adequately alleged defendant's scienter and where the parties' contract lacked an anti-reliance clause.

  • Firefighters Pension Sys. of the City of Kansas City, Missouri Trust v. Found. Bldg. Materials, Inc.

    Publication Date: 2024-06-18
    Practice Area: Mergers and Acquisitions
    Industry: Construction | Distribution and Wholesale
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Michael Hanrahan, Samuel L. Closic, Jason W. Rigby, Seth T. Ford, Prickett, Jones & Elliott, Wilmington, DE; Lee D. Rudy, J. Daniel Albert, Kevin M. Kennedy, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: Daniel A. Mason, Elizabeth Wang, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew G. Gordon, Alexia D. Korberg, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Raymond J. DiCamillo, Matthew D. Perri, Kevin M. Kidwell, Richards, Layton & Finger P.A., Wilmington, DE; Bradley R. Aronstam, S. Michael Sirkin, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE; John A. Neuwirth, Evert J. Christensen, Jr., Matthew S. Connors, Tania C. Matsuoka, Weil, Gotshal & Manges LLP, New York, NY; A. Thompson Bayliss, Daniel G. Paterno, Abrams & Bayliss LLP, Wilmington, DE; Barry G. Sher, Kevin P. Broughel, Paul Hastings LLP, New York, NY; William B. Chandler III, Brad D. Sorrels, Leah E. León, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Elena C. Norman, James M. Yoch, Jr., Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Brian M. Lutz, George B. Adams III, Gibson, Dunn & Crutcher LLP, San Francisco, CA; Colin B. Davis, Gibson, Dunn & Crutcher LLP, Irvine, CA for defendants.

    Case Number: 2022-0466-JTL

    Court declined to dismiss non-exculpated fiduciary claims where defendants had a clear conflict of interest between continuing to operate the company or sell it and receive a valuable termination payment.

  • Wagner v. BRP Group, Inc.

    Publication Date: 2024-06-11
    Practice Area: Corporate Governance
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Andrews & Springer LLC, Wilmington, DE; Steven J. Purcell, Robert H. Lefkowitz, Purcell & Lefkowitz LLP, New York, NY for plaintiff.
    for defendant: S. Mark Hurd, Lauren K. Neal, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendant.

    Case Number: 2023-0150-JTL

    Although founder pre-approval requirements violated provisions of the Delaware General Corporation Law, founders' post-lawsuit agreement to defer to unanimous approval of independent director committee was a sufficient mechanism to defeat facial challenges to the requirements.