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Publication Date: 2024-07-16
Practice Area: Securities Litigation
Industry: Food and Beverage | Investments and Investment Advisory | Manufacturing
Court: Delaware Superior Court
Judge: Judge Brennan
Attorneys: For plaintiff: Andrew L. Cole, Stacy L. Newman, Michael E. Fitzpatrick, Nathaniel J. Klepser, Cole Schotz PC, Wilmington, DE; J. Michael Pardoe, Cole Schotz PC, Baltimore, MD for plaintiffs.
for defendant: Marc Casarino, Katie Barksdale, Kennedys CMK LLP, Wilmington, DE for defendants.
Case Number: N23C-02-086 DJB
Investment fraud claims failed where alleged misrepresentations did not constitute actionable fraud and plaintiffs could not plead justifiable reliance due to their failure as sophisticated parties to conduct due diligence into the company's financials and business operations.
Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Biotechnology | Pharmaceuticals
Court: Court of Chancery
Judge: Vice Chancellor Fioravanti
Attorneys: For plaintiff: Kimberly A. Evans, Lindsay K. Faccenda, Irene R. Lax, Robert Erikson, Block & Leviton LLP, Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, David A. Knotts, Teo A. Doremus, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Brett M. Middleton, Johnson Fistel, LLP, San Diego, CA for plaintiff.
for defendant: Kevin M. Gallagher, Nicole M. Henry, Richards, Layton & Finger, P.A., Wilmington, DE; John F. Sylvia, Kerime S. Akoglu, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., Boston, MA; Daniel M. Silver, Benjamin A. Smyth, Sarah E. Delia, Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE; Meredith Kotler, Mary Eaton, Nicholas A. Caselli, Freshfields Bruckhaus Deringer US LLP, New York, NY for defendants.
Case Number: 2023-0125-PAF
Fiduciary claims against purported controlling stockholder dismissed where plaintiff failed to plead facts demonstrating that stockholder qualified as a controller of the company or exercised transaction-specific control during proposed sale of company via tender offer.
Publication Date: 2024-07-16
Practice Area: Corporate Governance
Industry: Insurance | Investments and Investment Advisory
Court: Court of Chancery
Judge: Chancellor McCormick
Attorneys: For plaintiff: R. Bruce McNew, Cooch and Taylor, P.A., Wilmington, DE for plaintiff.
for defendant: Lisa M. Zwally, Bryan T. Reed, Greenberg Traurig, LLP, Wilmington, DE for defendants.
Case Number: 2020-0985-KSJM
Fiduciary claims allowed to proceed where majority of board's dual fiduciary role with parent and subsidiaries created a conflict of interest preventing consideration of litigation demand, and where plaintiff lacked inquiry notice until parent made public disclosures.
Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Construction | Investments and Investment Advisory
Court: Court of Chancery
Judge: Vice Chancellor Glasscock
Attorneys: For plaintiff: Martin S. Lessner, Tammy L. Mercer, Lauren Dunkle Fortunato, Andrew J. Cazerkawski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Johnathan D. Schiller, Thomas H. Sosnowski, Boies Schiller Flexner LLP, New York, NY for plaintiffs.
for defendant: Michael A. Barlow, Hayden J. Driscoll, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Michael B. Carlinsky, Charles H. Sangree, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Christopher D. Porter, Quinn Emanuel Urquhart & Sullivan, LLP, Houston, TX for defendants.
Case Number: 2024-0274-SG
Court declined to enjoin contractual alternative dispute resolution process where parties agreed to submit validity of post-closing cap-ex budget to independent consultant for expert review, where consultant was empowered to conduct independent analysis of company's financial records.
Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Chemicals and Materials | Investments and Investment Advisory
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys: For plaintiff: Stamatios Stamoulis, Richard C. Weinblatt, Stamoulis & Weinblatt LLC, Wilmington, DE; Richard A. Schwartz, Ross LLP, Los Angeles, CA for plaintiff.
for defendant: John P. DiTomo, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brian J. Massengill, Matthew E. Fenn, Mayer Brown LLP, Chicago, IL for defendant.
Case Number: N23C-08-206 MAA CCLD
Claims connected to the process of calculation and payment fell within scope of parties' limited arbitration clause covering the calculation of payment for acquired company following post-closing true-up.
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Publication Date: 2024-07-16
Practice Area: Mergers and Acquisitions
Industry: Advertising | Software | Technology Media and Telecom
Court: Delaware Superior Court
Judge: Judge Adams
Attorneys: For plaintiff: Andrew D. Cordo, Andrew D. Berni, Joshua A. Manning, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for plaintiff.
for defendant: Berton W. Ashman, Jr., Jesse L. Noa, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Michael J. Baratz, Patrick F. Linehan, Steptoe LLP, Washington, DC for defendants.
Case Number: N23C-04-021 MAA CCLD
Court granted judgment to enforce promissory note where affirmative defenses/counterclaims of fraud failed as plaintiff was not the principal of company officers who allegedly misrepresented company sales numbers.
Publication Date: 2024-07-16
Practice Area: Corporate Governance
Industry: Biotechnology | Chemicals and Materials | Software
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys: For plaintiff: Tiffany Geyer Lydon, Philip Trainer, Jr., Ashby & Geddes, P.A. Wilmington, DE; Lisa C. Solbakken, Arkin Solbakken LLP, New York, NY for plaintiff.
for defendant: Steven L. Becton, II, David J. Margules, Jessica C. Watt, Ballard Spahr LLP, Wilmington, DE for defendant.
Case Number: 2022-0876-NAC
Under the right-of-control test, plaintiff qualified as employee of defendant's subsidiary rather than defendant where subsidiary controlled plaintiff's compensation, determined the terms and conditions of his employment, and supervised his work.
Publication Date: 2024-07-16
Practice Area: Election and Political Law
Industry: State and Local Government
Court: Delaware Supreme Court
Judge: Justice Traynor
Attorneys: For plaintiff: Kathleen Jennings, Attorney General of the State of Delaware, Alexander S. Mackler, Patricia A. Davis, Kenneth Wan, Delaware Department of Justice, Wilmington, DE; Donald B. Verrilli, Jr., Ginger D. Anders, Munger, Tolles & Olson LLP, Washington, DC for appellants.
for defendant: M. Jane Brady, Brady Legal Group LLC, Lewes, DE; Noel H. Johnson, Public Interest Legal Foundation, Alexandria, VA for appellees.
Case Number: 120, 2024
Plaintiffs lacked standing to challenge voting procedures where one was not a candidate in the upcoming election cycle and the other's role as inspector of elections did not implicate the challenged procedures.
Publication Date: 2024-07-09
Practice Area: Labor Law
Industry: Food and Beverage | Manufacturing
Court: Delaware Supreme Court
Judge: Justice Valihura
Attorneys: For plaintiff: Walt F. Schmittinger, Schmittinger and Rodriguez, P.A., Dover, DE for appellant.
for defendant: Andrea C. Panico, Megan E. Murray, Tybout, Redfearn & Pell, Wilmington, DE for appellee.
Case Number: 412, 2023
COVID-19 was not an occupational disease where the risk of getting sick was not a peculiar risk of the worker's employment or work environment but rather was a general risk faced by all workers.
Publication Date: 2024-07-09
Practice Area: Mergers and Acquisitions
Industry: Investments and Investment Advisory | Software
Court: Court of Chancery
Judge: Vice Chancellor Cook
Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Ned Weinberger, Mark Richardson, Labaton Keller Sucharow LLP, Wilmington, DE; David Schwartz, John Vielandi, Labaton Keller Sucharow, New York, NY; Aaron T. Morris, Leonid Kandinov, Andrew W. Robertson, Morris Kandinov LLP, New York, NY for plaintiffs.
for defendant: Edward B. Micheletti, Sarah R. Martin, Ryan M. Lindsay, Lauren M. Griffith, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.
Case Number: 2022-1073-NAC
Court dismissed former stockholder's fiduciary duty claim arising from breach of merger agreement leading to reduced merger consideration where the reduced price still provided a premium over the stock price and the stockholders approved the merger in an informed vote.
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