• In re Sculptor Capital Mgmt. Inc. Stockholder Litig.

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger, Michael C. Wagner, Labaton Keller Sucharow LLP, Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE; Joseph L. Christensen, Meghan D. Dougherty, Christensen & Dougherty LLP, Wilmington, DE; A. Thompson Bayliss, Christopher F. Cannataro, Florentina D. Field, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Edward B. Micheletti, Arthur R. Bookout, Matthew P. Majarian, Peyton V. Carper, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; Brock E. Czeschin, Matthew D. Perri, Kevin M. Kidwell, Mari Boyle, Richards, Layton & Finger, P.A., Wilmington, DE; David E. Ross, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.

    Case Number: 2023-0921-SG

    Court calculated legal fee award based on the portion of the transaction price increase that was generated by plaintiff's litigation and the stage of the litigation when the increase was obtained.

  • Shareholder Representative Serv. LLC v. Alexion Pharm., Inc.

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael A. Barlow, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Andrew M. Berdon, Angus Chen, Alexandria Deep Conroy, Courtney C. Whang, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Joseph M. Paunovich, David M. Elihu, James Bieber, Andrew Brayton, Quinn Emanuel Urquhart & Sullivan, LLP, Los Angeles, CA for plaintiff.
    for defendant: David E. Wilks, Scott B. Czerwonka, Wilks Law, LLC, Wilmington, DE; Deborah E. Fishman, Carson D. Anderson, Arnold & Porter Kaye Scholer LLP, Palo Alto, CA; Daniel L. Reisner, Jeffrey A. Fuisz, Angela R. Vicari, Matthew M. Wilk, Arnold & Porter Kaye Scholer LLP, New York, NY; Howard Sklamberg, Jeremy Cobb, Arnold & Porter Kaye Scholer LLP, Washington, DC for defendant.

    Case Number: 2020-1069-MTZ

    Deprioritizing and terminating drug development project fell short of commercially reasonable efforts when other companies progressed with developing competing therapies and caused the failure to meet milestones, in breach of the merger agreement.

  • Fortis Advisors LLC v. Johnson & Johnson

    Publication Date: 2024-09-17
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Bradley R. Aronstam, Roger S. Stronach, Dylan T. Mockensturm, Ross Aronstam & Moritz LLP, Wilmington, DE; Philippe Z. Selendy, Jennifer M. Selendy, Sean P. Baldwin, Oscar Shine, Selendy Gay PLLC, New York, NY for plaintiff.
    for defendant: William M. Lafferty, Susan W. Waesco, Elizabeth A. Mullin Stoffer, Kirk C. Andersen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Joshua A. Goldberg, Muhammad U. Faridi, Diana M. Conner, Lauren S. Potter, Patterson Belknap Webb & Tyler LLP, New York, NY for defendants.

    Case Number: 2020-0881-LWW

    Evidence demonstrated that acquirer intentionally sabotaged development of seller's new technology to avoid making earnout payments, in violation of the merger agreement's requirement to use commercially reasonable efforts and designate the technology as a company priority.

  • TAKRAF USA, Inc. v. FMC Tech., Inc.

    Publication Date: 2024-09-10
    Practice Area: Mergers and Acquisitions
    Industry: Cargo and Shipping | Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Medinilla
    Attorneys: For plaintiff: Thad J. Bracegirdle, Bayard, P.A., Wilmington, DE; Chad I. Michaelson, Antoinette C. Oliver, Kate E. McCarthy, Meyer, Unkovic & Scott LLP, Pittsburgh, PA for plaintiff.
    for defendant: Samuel T. Hirzel, II, Elena M. Sassaman, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE for defendant.

    Case Number: N24C-01-090 VLM CCLD

    Buyer plausibly alleged breach of asset purchase agreement where underlying litigation claimed that seller breached its contractual obligations to design and deliver a product, which in turn breached seller's representation that it was in compliance with its contractual obligations.

  • DDS Striker Holdings, LLC v. Verisk Analytics, Inc.

    Publication Date: 2024-09-10
    Practice Area: Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Medinilla
    Attorneys: For plaintiff: Jeffrey L. Moyer, Travis S. Hunter, Wilmington, DE for plaintiffs.
    for defendant: Michael A. Barlow, Hayden J. Driscoll, Wilmington, DE for defendants.

    Case Number: N24C-02-130 VLM CCLD

    Sellers plausibly alleged fraud claim by asserting that buyers intentionally misrepresented the synergistic possibility of the parties' products to convince sellers that buyers could reach the proposed earnout targets.

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  • Medal v. Beckett Collectibles, LLC

    Publication Date: 2024-09-03
    Practice Area: Mergers and Acquisitions
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor Medinilla
    Attorneys: For plaintiff: Peter B. Ladig, Bayard, P.A., Wilmington, DE for plaintiff.
    for defendant: Paul D. Brown, Chipman Brown Cicero & Cole, LLP, Wilmington, DE; Aaron Z. Tobin, Abigail R. Campbell, Condon Tobin Sladek Thornton Nerenberg PLLC, Dallas, TX for defendant.

    Case Number: 2023-0984-VLM

    Court denied defendant's motion to dismiss for lack of standing where there was no basis to overturn former company's stakeholders' decision to appoint a representative, where the representative was not a necessary party in his personal capacity due to the termination of his employment with defendant.

  • WT Representative LLC v. Philips Holdings USA Inc.

    Publication Date: 2024-09-03
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: C. Barr Flinn, Paul J. Loughman, Michael A. Carbonara, Jr., Young Conaway Stargatt & Taylor LLP, Wilmington, DE, Eric Leon, Latham & Watkins LLP, New York, NY, Nathan A. Sandals, Latham & Watkins LLP, Boston, MA for plaintiff.
    for defendant: Patricia L. Enerio, Emily A. Letcher, Heyman Enerio Gattuso & Hirzell LLP, Wilmington, DE, Laurence A. Schoen, Breton Leone-Quick, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Boston, MA for defendant.

    Case Number: 2024-0170 PRW

    Plaintiff reasonably interpreted parties' merger agreement as merely requiring FDA approval of the medical device system to secure milestone payment without reference to specific size variations of the product.

  • Pazos v. AdaptHealth LLC

    Publication Date: 2024-08-27
    Practice Area: Mergers and Acquisitions
    Industry: Accounting | Distribution and Wholesale | Health Care | Manufacturing
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: Kelly E. Farman, Matthew W. Murphy, Edmond S. Kim, Richards, Layton & Finger, P.A., Wilmington, DE for petitioner.
    for defendant: Steven L. Caponi, Matthew B. Goeller, Megan E. O’Connor, K&L Gates LLP, Wilmington, DE for respondent.

    Case Number: N23C-02-164 PRW CCLD

    Court upheld expert determination issued under parties' contractual dispute resolution clause where record undermined objector's claim that expert overlooked or improperly relied on evidence.

  • Sunstone Partners Mgmt., LLC v. Snyopsys, Inc.

    Publication Date: 2024-08-27
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Chancellor Wallace
    Attorneys: For plaintiff: Rudolf Koch, Nicholas F. Mastria, Richards, Layton & Finger P.A, Wilmington, DE; Adam Slutsky, Godwin Proctor, LLP, Boston, MA for plaintiff.
    for defendant: Tammy L. Mercer, Jillian A. Tyson, Young Conaway Stargatt & Taylor, LLP Wilmington, DE; N. Thomas Connallly, III, Christopher T. Pickens, Patrick T. Michael, and Samuel W. Yergin, Hogan Lovells US LLP, Tysons, VA for defendant.

    Case Number: 2024-0261-PRW

    Court found no breach of an exclusivity provision in a letter of intent where the provision merely prohibited soliciting proposals for a sale of the subject business, rather than communications about a potential transaction, and announcing consideration of strategic alternatives did not rise to the level of a firm solicitation.

  • E. Wholesale Fence LLC v. Hudson

    Publication Date: 2024-08-27
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale | Manufacturing
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: Daniel M. Silver, Benjamin A. Smyth, Maliheh Zare, McCarter & English, LLP, Wilmington, DE for plaintiff.
    for defendant: Elisabeth S. Bradley, Y. Carson Zhou, Alan C. Cardenas-Moreno, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE for defendant.

    Case Number: 2023-1176-KSJM

    Court stayed breach of restrictive covenant action pending further proceedings in separate action that likely would have overlapping factual and legal issues.