• White Winston Select Asset Funds, LLC v. Good Times Rests, Inc.

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Food and Beverage | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Bibas
    Attorneys: For plaintiff: Richard Alan Barkasy, Stephen A. Fogdall, Kristi JoLynn Doughty, Schnader, Harrison, Segal & Lewis LLP, Wilmington, DE for plaintiffs.
    for defendant: Catherine A. Gaul, Michael Dean Walker, Jr., Ashby & Geddes, Wilmington, DE; Davis G. Mosmeyer III, Peter L. Loh, Sara A. Brown, Foley & Lardner LLP, Dallas, TX for defendant.

    Case Number: 19-cv-02092-SB

    Breach of duty to negotiate in good faith claim rejected where parties' non-binding letter of intent let seller walk away for any reason and seller continued to pursue the transaction up until new financial performance data motivated seller to ask for higher price, where the evidence showed that seller would have consummated the transaction at that higher price.

  • HighTower Holding, LLC v. Gibson

    Publication Date: 2023-02-21
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Daniel C. Herr, Law Office of Daniel C. Herr LLC, Wilmington, DE; Matthew D. Henneman, Scott D. Smith, Henneman Rau Kirklin & Smith LLP, Houston, TX for plaintiff.
    for defendant: John H. Newcomer, Jr., Morris James LLP, Wilmington, DE; Andrew P. Campbell, Todd Campbell, Erin G. Godwin, Campbell Partners, LLC, Birmingham, AL for defendant.

    Case Number: 2022-0086-LWW

    Preliminary injunction denied where plaintiff was unlikely to succeed on merits of breach of non-compete claim where Alabama law would likely apply despite the parties' Delaware choice-of-law provision as the non-compete would offend Alabama public policy and give it the weightier interest in the case.

  • Franklin v. Glenhill Advisors LLC

    Publication Date: 2023-02-14
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Retail
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for plaintiff.
    for defendant: F. Troupe Mickler IV, Marie M. Degnan, Ashby & Geddes, P.A., Wilmington, DE; John B. Horgan, Joanna R. Cohen, Ellenoff Grossman & Schole LLP, New York, NY; John D. Hendershot, Andrew L. Milam, Melissa A. Lagoumis, Richards, Layton & Finger, P.A., Wilmington, DE; Bryan B. House, Foley & Lardner LLP, Milwaukee, WI; Scott J. Leonhardt, Jason A. Gibson, The Rosner Law Group LLC, Wilmington, DE; S. Preston Ricardo, Golenbock Eiseman Assor Bell & Peskoe LLP, New York, NY for defendants.

    Case Number: 2021-1119-LWW

    Court declined to vacate judgment where alleged new evidence was already known to plaintiff and plaintiff failed to plead the existence of any fraud, and where plaintiff waited more than two years to file his motion, choosing instead to relitigate the issues in another jurisdiction in the interim.

  • In re Orbit/FR, Inc. Stockholders Litig.

    Publication Date: 2023-02-07
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, E. Wade Houston, G. Mason Thomson, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Ashley R. Altschuler, Ethan H. Townsend, Harrison S. Carpenter, Kevin M. Regan, McDermott Will & Emery LLP, Wilmington, DE; Daniel M. Silver, Benjamin A. Smyth, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Henry E. Gallagher Jr., Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: 2018-0340-SG

    Allegations of a personal relationship between special committee director and potentially interested director were insufficient to impute a conflict of interest to the special committee director, whose independence was not challenged by any personal interest in the merger transaction or bad faith actions.

  • In Re Orbit/FR, Inc. v. Stockholders Litig.

    Publication Date: 2023-01-24
    Practice Area: Mergers and Acquisitions
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss, E. Wade Houston, G. Mason Thompson, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Ashley R. Altschuler, Ethan H. Townsend, Harrison S. Carptenter, Kevin M. Regan, McDermott Will & Emery LLP, Wilmington, DE; Daniel M. Silver, Benjamin A. Smyth, Travis J. Ferguson, McCarter & English, LLP, Wilmington, DE; Henry E. Gallagher Jr., Shaun Michael Kelly, Connolly Gallagher LLP, Wilmington, DE for defendants.

    Case Number: 2018-0340-SG

    The court denied defendants' motion to dismiss claims arising out of challenged merger and acquisition.

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  • Smart Local Unions & Councils Pension Fund v. BridgeBio Pharma, Inc.

    Publication Date: 2023-01-10
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Fiorvanti
    Attorneys: For plaintiff: Thomas Curry, Tayler D. Bolton, Saxena White P.A., Wilmington, DE; David Wales, Saxena White P.A, White Plains, NY; Gregory V. Varallo, Berstein Litowitz Berger & Grossmann LLP, Wilmington, DE: Mark Lebovitch, Berstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy Friedman, Oster & Tejtel PLLC, Bedford Hills, NY for plaintiff.
    for defendant: Cliff C. Gardner, Andrew D. Kinsey, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.

    Case Number: 2021-1030-PAF

    The court granted defendant's motion to dismiss finding that plaintiffs failed to plead sufficient facts to demonstrate that the business judgment rule should not apply to a complaint challenging a merger transaction between defendant majority stockholder and another company.

  • Garfield v. Boxed, Inc.

    Publication Date: 2023-01-10
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: David A. Jenkins, Neal C. Belgam, Jason Z. Miller, Smith Katzenstein & Jenkins LLP, Wilmington, DE; Steven J. Purcell, Robert H. Lefkowitz, Anisha Mirchandani, Purcell & Lefkowitz LLP, New York, NY for plaintiff.
    for defendant: Paul J. Loughman, Joseph M. Turk, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Mark T. Stancil, Wilkie Farr & Gallagher LLP, Washington, D.C.; Betsy L. Feldman, Wilkie Farr & Gallagher LLP, New York, NY for defendant.

    Case Number: 2022-0132-MTZ

    Because corporate charter established two separate classes of stock rather than one class with two series, stockholder conferred benefit on company by demanding it grant the stockholder's class a separate vote on charter amendments affecting the class, and was accordingly entitled to an award of attorneys' fees and costs.

  • Ligos v. Tsuff

    Publication Date: 2022-12-13
    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, Jason W. Rigby, Prickett, Jones & Elliott, P.A., Wilmington, DE; Eric L. Zagar, J. Daniel Albert, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for plaintiff.
    for defendant: William B. Chandler III, Brad 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, Miranda Gilbert, Morris Nichols Arsht & Tunnel, LLP, Wilmington, DE; Danny David, Amy Pharr Hefley, Baker Botts L.L.P., Houston, TX for defendants.

    Case Number: 2020-0435-SG

    Special committee directors were dismissed from case challenging merger transaction, where plaintiff could not show that directors lacked independence from corporate controller or had engaged in willful dereliction of duty to the level of bad faith.

  • Am. Healthcare Admin. Serv. Inc. v. Aizen

    Publication Date: 2022-12-06
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Insurance | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Thomas W. Briggs, Jr., Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Christopher R. Rodriguez, Andrew D. Bluth, Singleton Schreiber LLP, Sacramento, CA for plaintiffs/counter-claim defendants.
    for defendant: Paul D. Brown, Joseph B. Cicero, Gregory E. Stuhlman, Aidan T. Hamilton, Chipman Brown Cicero & Cole, LLP, Wilmington, DE for defendant/counterclaim-plaintiff.

    Case Number: 2019-0793-JTL

    The court found for plaintiff stockholders who sought a specific performance order compelling a corporation's former CEO to release funds which were held in an escrow account.

  • Ramcell, Inc. v. Alltel Corp.

    Publication Date: 2022-11-22
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; Michael A. Pullara, Houston, TX; Ryan van Steenis, Ajamie LLP, Houston, TX for petitioner.
    for defendant: Richard L. Renck, Mackenzie M. Wrobel, Tracey E. Timlin, Duane Morris LLP, Wilmington, DE for respondent.

    Case Number: 2019-0601-PAF

    Court used blended approach of parties' experts calculations of company's fair market value to conduct statutory appraisal, where neither expert persuasively demonstrated that their model's data was inherently reliable although each model did have some reliable features.