• In re Baker Hughes Inc. Merger Litig.

    Publication Date: 2020-11-11
    Practice Area: Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Ned Weinberger, Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Thomas A. Uebler, Joseph L. Christensen, Hayley M. Lenahan of McCollow D’Emilio Smith Uebler LLC, Wilmington, DE; Jeroen van Kwawegen, Edward G. Tim-lin, Alla Zayenchik, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Frank R. Schirripa, Kurt Hunciker, Hach Rose Schirripa & Cheverie LLP, New York, NY for plaintiffs.
    for defendant: Kevin R. Shannon, Matthew F. Davis, Callan R. Jackson of Potter Anderson & Corroon LLP, Wilmington, DE; Samuel W. Cooper, Paul Hastings LLP, Houston, TX; Edward Han, Paul Hastings LLP, Palo Alto, CA; Michael P. Kelly, Andrew S. Dupre, Sarah E. Delia, McCarter & English, LLP, Wilmington, DE; Alan S. Goudiss, Paula H. Anderson, Grace J. Lee, Shearman & Sterling, LLP, New York, NY for defendants.

    Case Number: D69185

    Except for the failure to include certain information in the proxy statement, plaintiffs failed to state a claim against the company's directors for breach of fiduciary duty.

  • Brigade Leveraged Capital Structures Fund Ltd. v. Stillwater Mining Co.

    Publication Date: 2020-10-28
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Delaware Supreme Court
    Judge: Justice Montgomery-Reeves
    Attorneys: For plaintiff: Samuel T. Hirzel, Elizabeth A. DeFelice, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Lawrence M. Rolnick, Steven M. Hecht, Rolnick Kramer Sadighi LLP, New York, NY for appellants.
    for defendant: S. Mark Hurd, Lauren Neal Bennett, Morris, Nichols, Arsht & Tunell LLP, Wilmington, DE; James R. Warnot, Jr., Adam S. Lurie, Brenda D. DiLuigi, Nicole E. Jerry, Elizabeth M. Raulston, Linklaters LLP, New York, NY for appellee.

    Case Number: D69166

    Rejection of stockholders' appraisal action not an abuse of discretion where multiple indicia of reliability supported chancery court's decision to find deal price the most persuasive indicator of acquired company's value.

  • In re Mindbody, Inc. Stockholders Litig.

    Publication Date: 2020-10-21
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Christopher Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Gregory V. Varallo, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Mark Lebovitch, Jeroen van Kwawegen, Christopher J. Orrico, Andrew E. Blumberg, Bernstein Litowitz Berger & Grossmann LLP, New York, NY for plaintiffs.
    for defendant: Lisa A. Schmidt, Robert L. Burns, Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Yosef J. Riemer, John Del Monaco, Ian C. Spain, Kirkland & Ellis LLP, New York, NY; Ryan D. Stottmann, Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Patrick Gibbs, Sarah Lightdale, Cooley LLP, New York, NY for defendants.

    Case Number: D69162

    The court granted a motion to dismiss as to a corporate director, but it declined to dismiss claims against two corporate of-ficers.

  • Roma Landmark Theaters, LLC v. Cohen Exhibition Co., LLC

    Publication Date: 2020-10-14
    Practice Area: Mergers and Acquisitions
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Garrett B. Moritz, Anne M. Steadman, Ross Aronstam & Moritz LLP, Wilmington, DE; Marshall R. King, Hannah E. Kirshner, Gibson, Dunn & Crutcher LLP, New York, NY for plaintiffs.
    for defendant: Kevin M. Gallagher, Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Donald A. Harwood, Simon W. Reiff, Harwood Reiff LLC, New York, NY for defendant.

    Case Number: D69155

    Defendant adequately stated a counterclaim for fraud, but the court dismissed the remainder of its counterclaims.

  • Pilot Air Freight, LLC v. Manna Freight Sys., Inc.

    Publication Date: 2020-10-07
    Practice Area: Mergers and Acquisitions
    Industry: Cargo and Shipping | Transportation
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jody C. Barillare, Morgan, Lewis & Bockius LLP, Wilmington, DE; Troy S. Brown, Margot G. Bloom, Brian F. Morris, Morgan, Lewis & Bockius LLP, Philadelphia, PA for plaintiff.
    for defendant: Kurt M. Heyman, Melissa N. Donimirski, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Michael F. Cockson, Nathaniel J. Zulstra, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN for defendants.

    Case Number: D69146

    Plaintiff failed to bring its claim for indemnification within the time period stated in the parties' contract, and it identified no gap to fill with respect to its good faith and fair dealing claim.

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  • In re Anthem-Cigna Merger Litig.

    Publication Date: 2020-09-23
    Practice Area: Mergers and Acquisitions
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: William M. Lafferty, Kevin M. Coen, D. McKinley Measley, Zi-Xiang Shen, Thomas P. Will, Daniel T. Menken, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Glenn M. Kurtz, Claudine Columbres, Andrew W. Hammond, Gregory Starner, Camille M. Shepherd, Vatsala Sahay, White & Case LLP, New York, NY; Heather M. Burke, White & Case LLP, Palo Alto, CA; Dana E. Foster, White & Case LLP, Washington, DC for plaintiff.
    for defendant: David E. Ross, Garrett B. Moritz, S. Michael Sirkin, Adam D. Gold, Benjamin Z. Grossberg, Anne M. Steadman, Ross Aronstam & Moritz LLP, Wilmington, DE; Stephen R. DiPrima, William Savitt, Graham W. Meli, Adam M. Gogolak, Lauren M. Kofke, S. Christopher Szczerban, Steven P. Winter, Claire E. Addis, Bita Assad, Daniel H. Rosenblum, Jacob Miller, Jeohn Salone Favors, Wachtell, Lipton, Rozen & Katz, New York, NY for defendant.

    Case Number: D69128

    Although merger partner failed to use best efforts to consummate the transaction, in breach of the agreement covenants, the counterpart to the merger was not entitled to expectation damages when government regulators would have ultimately blocked the merger on antitrust grounds.

  • In re USG Corp. Stockholder Litig.

    Publication Date: 2020-09-16
    Practice Area: Mergers and Acquisitions
    Industry: Construction | Distribution and Wholesale | Manufacturing
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Cooch & Taylor, P.A., Wilmington, DE; Michael J. Palestina, Kahn Swick & Foti, LLC, New Orleans, LA; Juan E. Monteverde and Miles D. Schreiner, Monteverde & Assoc., New York, NY for plaintiffs.
    for defendant: Raymond J. Dicamillo, Srinivas M. Raju, Robert L. Burns, Matthew D. Perri and Angela Lam, Richards, Layton & Finger, P.A., Wilmington, DE; Robert S. Faxon, Andrienne F. Mueller and Robert E. Johnson, Jones Day, Cleveland, OH for defendants.

    Case Number: D69121

    Stockholders stated facts which indicated that they were not fully informed when they approved a deal for the sale of the company, but they failed to adequately allege that the company's directors acted with scienter.

  • CLP Toxicology, Inc. v. Casla Bio Holdings LLC

    Publication Date: 2020-09-02
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: Christopher Viceconte, Gibbons, P.C., Wilmington, DE; Anthony J. Rospert and Thomas M. Ritzert, Thompson Hine LLP, Cleveland, OH for plaintiff.
    for defendant: Peter B. Ladig and Elizabeth A. Powers, Bayard, P.A. Wilmington, DE; Jordan D. Weiss, Goodwin Procter LLP, New York, NY for defendants.

    Case Number: D69103

    Fraud claim arising from company purchase survived motion to dismiss where buyer could plead fraud arising from written misrepresentations in purchase agreement, which also contractually gave buyer the right to pursue intentional fraud claims that would necessarily arise from outside the contract.

  • Manti Holdings, LLC v. Authentix Acquisition Co., Inc.

    Publication Date: 2020-08-26
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: John L. Reed, Peter H. Kyle and Kelly L. Freund, DLA Piper LLP, Wilmington, DE for petitioners.
    for defendant: Samuel A. Nolen, Richards, Layton & Finger, P.A., Wilmington, DE; Andrew Hammond and Michelle Letourneau-Belock, White & Case LLP, New York, NY for respondent.

    Case Number: D69099

    Company was entitled to an award of attorney fees in this statutory appraisal action, and the court awarded petitioners interest from the date of the merger on the consideration for their shares.

  • Agspring Holdco, LLC v. NGP X US Holdings, L.P.

    Publication Date: 2020-08-12
    Practice Area: Mergers and Acquisitions
    Industry: Agriculture
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Joseph C. Schoell, Faegre Drinker Biddle & Reath LLP, Wilmington, DE; Jane E. Maschka, Faegre Drinker Biddle & Reath LLP, Minneapolis, MN; Jacob D. Bylund and David W. Creasey, Faegre Drinker Biddle & Reath LLP, Des Moines, IA, for plaintiffs.
    for defendant: James M. Yoch, Jr. and Kevin P. Rickert, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, Melissa L. James, R. Kent Piacenti, Meredith S. Jeanes, and Jared D. Wilkinson, Vinson & Elkins LLP, Dallas, TX; Corinne Elise Amato and Eric J. Juray, Prickett, Jones & Elliott, P.A., Wilmington, DE; Todd W. Ruskamp and Daniel J. Schwaller, Shook, Hardy & Bacon L.L.P., Kansas City, MO for defendants.

    Case Number: D69078

    Court declined to dismiss fraud claim arising from corporate acquisition where defendants allegedly affirmatively concealed information demonstrating the material falsity of their representations, rendering plaintiffs' claim timely under the doctrine of tolling, and where defendants had caused damage by concealing the financial distress of the company.