Publication Date: 2021-09-08
Practice Area: Corporate Governance
Industry: Manufacturing
Court: Court of Chancery
Judge: Vice Chancellor Will
Attorneys: For plaintiff: P. Bradford deLeeuw, deLeeuw Law LLC, Wilmington, DE; Richard A. Speirs, Christopher Lometti, Cohen Milstein Sellers & Toll PLLC, New York, NY; Robert C. Schubert, Willem F. Jonckheer, Schubert Jonckheer & Kolbe LLP, San Francisco, CA; Kip B. Shuman, Shuman, Gleen & Stecker, San Francisco, CA; Rusty E. Glenn, Shuman, Gleen & Stecker, Denver, CO; Brett D. Stecker, Shuman, Gleen & Stecker, Ardmore, PA for plaintiffs.
for defendant: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Troy S. Brown, Laura Hughes McNally, Brian F. Morris, Karen Pieslak Pohlmann, Morgan, Lewis & Bockius LLP, Philadelphia, PA; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Peter E. Kazanoff, Sara A. Ricciardi, Courtney G. Skarupski, Simpson Thacher & Bartlett LLP, New York, NY; William M. Lafferty, Ryan D. Stottmann, Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Daniel V. McCaughey, Erin Macgowan, Ropes & Gray LLP, Boston, MA; Christian Reigstad, Ropes & Gray LLP, New York, NY; Daniel A. Mason, Matthew D. Stachel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Andrew J. Ehrlich, Brette Tannenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; Kevin G. Abrams, J. Peter Shindel, Jr., Abrams & Bayliss LLP, Wilmington, DE; Paul Vizcarrondo, John F. Lynch, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.
Case Number: D69527
Derivative complaint dismissed for failure to plead demand futility where stockholders could not show that a majority of directors possessed non-public information that caused the company to issue material misstatements or omissions, so that as a result the directors did not face a substantial likelihood of liability to excuse the demand requirement.