• In re Oracle Corp. Derivative Litig.

    Publication Date: 2019-12-18
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris and Christopher P. Quinn, Friedlander & Gorris, P.A., Wilmington, DE; Randal J. Baron, David A. Knotts and Christopher H. Lyons, Robbins Geller Rudman & Down LLP, San Diego, CA and Nashville, TN; Brian J. Robbins, Stephen J. Oddo and Gregory Del Gaizo, Robbins LLP, San Diego, CA for lead plaintiff.
    for defendant: Elena C. Norman, Richard J. Thomas, Benjamin M. Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Peter A. Wald, Blair Connelly and Rachel J. Rodriguez, Latham & Watkins LLP, San Francisco, CA and New York, NY for defendants Ellison and Catz. Kenneth J. Nachbar, John P. DiTomo, Thomas P. Will and Corinne R. Moini, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Sara B. Brody, Jaime A. Bartlett and Matthew J. Dolan, Sidley Austin LLP, San Francisco, CA and Palo Alto, CA for defendants Hurd Estate, Henley, Conrades, James, Panetta, Boskin, Berg, Garcia-Molina, Seligman, Chizen and Bingham. A. Thompson Bayliss and E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; John W. Spiegel, George M. Garvey and John M. Gildersleeve, Munger, Tolles & Olson LLP, Los Angeles, CA for defendant Goldberg. Andrew S. Dupre, McCarter & English, LLP, Wilmington, DE; Robert P. Feldman and Christopher D. Kercher, Quinn Emanuel Urquhart & Sulli-van LLP, Redwood Shores, CA and New York, NY for defendant Nelson. Thomas A. Beck, Blake Rohrbacher, Susan M. Han-nigan, Matthew D. Perri and Daniel E. Kaprow, Richards, Layton & Finger, P.A., Wilmington, DE for nominal defendant Ora-cle Corp.

    Case Number: D68809

    Where a special litigation committee concluded that a litigation asset should be turned over to the lead plaintiff to pursue a derivative action on behalf of the corporation, plaintiff was entitled to all relevant documents considered by the committee.

  • Southeastern Pennsylvania Transp. Auth. v. Facebook, Inc.

    Publication Date: 2019-11-20
    Practice Area: Corporate Governance
    Industry: E-Commerce | State and Local Government
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Robert J. Kriner, Jr., Scott M. Tucker, Tiffany J. Cramer and Vera G. Belger, Chimicles Schwartz Kriner & Donaldson-Smith LLP, Wilmington, DE for plaintiffs.
    for defendant: David E. Ross and R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE for defendant.

    Case Number: D68777

    Plaintiffs were not entitled to corporate books and records because they failed to demonstrate a credible basis to infer corporate wrongdoing.

  • Carr v. Global Payments Inc.

    Publication Date: 2019-11-13
    Practice Area: Corporate Governance
    Industry: E-Commerce | Retail | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: A. Thompson Bayliss and Adam K. Schulman, Abrams & Bayliss LLP, Wilmington, DE; Peter L. Welsh and Paul S. Kellogg, Ropes & Gray LLP, Boston, MA for plaintiff.
    for defendant: T. Brad Davey and Andrew H. Sauder, Potter Anderson & Corroon LLP, Wilmington, DE; Steven J. Rosenwasser and Fredric J. Bold, Jr., Bondurant Mixson & Elmore LLP, Atlanta, GA for defendants.

    Case Number: D68766

    Advancement mooted where former employer amended underlying breach of employment agreement claim to remove all allegations of misconduct arising from former employee's corporate role or powers.

  • Solak v. Welch

    Publication Date: 2019-11-13
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Jeffrey M. Norton, Newman Ferrara LLP, New York, NY; Werner R. Kranenburg, London, United Kingdom for plaintiff.
    for defendant: Edward B. Micheletti, Lilianna Anh P. Townsend and Mary T. Reale, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE for defendants.

    Case Number: D68773

    A stockholder who made a pre-suit demand on the board could not allege that demand would have been futile in a subsequent complaint concerning the subject matter of the demand.

  • In re LendingClub Corp. Derivative Litig.

    Publication Date: 2019-11-13
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Seth D. Rigrodsky, Brian D. Long and Gina M. Serra, Rigrodsky &7 Long, P.A., Wilmington, DE; Robert I. Harwood and Matthew M. Houston, Harwood Feffer LLP, New York, NY; Brett D. Stecker and James M. Ficaro, The Weiser Law Firm, P.C., Berwyn, PA for lead plaintiffs.
    for defendant: Raymond J. Dicamillo and Eliezer Y. Feinstein, Richards, Layton & Finger, P.A., Wilmington, DE; Adam S. Paris, Sullivan & Cromwell LLP, Los Angeles, CA for defendants Morris, Ciporin, Crowe, Meeker, Sanborn, Summers and Williams. Raymond J. DiCamillo, Eliezer Y. Feinstein, Richards, Layton & Finger, P.A., Wilmington, DE; Jonathan D. Polkes, Weil, Gotshal & Manges LLP, New York, NY for defendant Mack. Myron T. Steele, T. Brad Davey and Callan R. Jackson, Potter Anderson & Corroon LLP, Wilmington, DE; Robert J. Liubicic, Scott A. Edelman, Adam Fee and Andrew Lichtenberg, Milbank LLP, Los Angeles, CA and New York, NY for defendant Laplanche. Jody C. Barillare, Charlene S. Shimada, Susan D. Resley, Lucy Wang and Marc J. Sonnenfeld, Morgan, Lewis & Bockius LLP, Wilmington, DE, San Francisco, CA and Philadelphia, PA for defend-ant Dolan. William M. Lafferty, Susan W. Waesco and Sabrina M. Hendershot, Morris, Nichols, Arsht & Tunnell LLP, Wil-mington, DE; Diane M. Doolittle, David M. Grable, Jospeh C. Sarles, Jordan E. Alexander and John Potter, Quinn Emanuel Urquhart & Sullivan LLP, Redwood Shores, CA, Los Angeles, CA and San Francisco, CA for nominal defendant LendingClub Corp.

    Case Number: D68771

    Stockholders in this derivative suit failed to establish that a majority of the demand board faced a substantial likelihood of personal liability.

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  • PWP Xerion Holdings III LLC v. Red Leaf Resources, LLC

    Publication Date: 2019-11-06
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: S. Michael Sirkin, Benjamin Z. Grossberg and R. Garret Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Jonathan D. Schiller, Christopher D. Belelieu, Karen A. Chesley and Gary R. Studen of Boies Schiller Flexner LLP, New York, NY for plaintiff.
    for defendant: Michael A. Pittenger, Timothy R. Dudderar, Mathew A. Golden and David M. Hahn, Potter Anderson & Corroon LLP, Wil-mington, DE; Kenneth B. Black, Lauiren A. Shurman and Wesley F. Harward of Stoel Rives LLP, Salt Lake City, UT for de-fendant.

    Case Number: D68764

    Company breached a preferred stockholder's rights by changing its business plan and entering into a settlement with an inter-ested party without first obtaining the necessary consent from the preferred stockholder.

  • Sheldon v. Pinto Tech. Ventures, L.P.

    Publication Date: 2019-10-23
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory | Manufacturing
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Thad J. Bracegirdle, Scott B. Czerwonka, Wilks, Lukoff & Bracegirdle, LLC, Wilmington, DE for plaintiffs.
    for defendant: Bruce E. Jameson, Samuel L. Closic, Prickett, Jones & Elliott, P.A., Wilmington, DE; B. Russell Horton, Gary L. Lewis, George Brothers Kincaid & Horton LLP, Austin, TX for Pinto, Rivervest and Bay City Capital defendants. Brian C. Ralston, Jacqueline A. Rogers, Potter Anderson Corroon LLP, Wilmington, DE; Danny David, Rebeca Huddle, Baker Botts L.L.P., Houston, TX for defendants Terry and Walker.

    Case Number: D68749

    Plaintiffs failed to adequately allege the existence of a control group in this breach of fiduciary duty matter, so the chancery court properly dismissed the complaint. Affirmed.

  • MKE Holdings Ltd. v. Schwartz

    Publication Date: 2019-10-09
    Practice Area: Corporate Governance
    Industry: Agriculture | Chemicals and Materials
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Thomas E. Hanson, Jr., Barnes & Thornburg LLP, Wilmington, DE for plaintiffs.
    for defendant: Blake Rohrbacher, Richards, Layton & Finger, P.A., Wilmington, DE; John F. Hartmann and Abdus Samad Pardesi, Kirkland & Ellis LLP, Chicago, IL for defendants and nominal defendant.

    Case Number: D68730

    A limited liability company's operating agreement waived any fiduciary duty on the part of its members, and instead imposed a good faith standard.

  • Tornetta v. Musk

    Publication Date: 2019-10-09
    Practice Area: Corporate Governance
    Industry: Automotive
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer and David Sborz, Andrews & Springer LLC, Wilmington, DE; Jeremy S. Friedman, Spen-cer Oster and David F.E. Tejtel, Friedman Oster & Tejtel PLLC, New York, NY for plaintiff.
    for defendant: David E. Ross, Garrett B. Moritz and Benjamin Z. Grossberg, Ross Aronstam & Moritz LLP, Wilmington, DE; William Savitt, Anitha Reddy and Noah B. Uavitz, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants and nominal defendant.

    Case Number: D68733

    An executive compensation decision was subject to review under the entire fairness standard, because the beneficiary was a controlling shareholder.

  • Wise v. Biowish Tech., Inc.

    Publication Date: 2019-09-25
    Practice Area: Corporate Governance
    Industry: Agriculture | Legal Services | Manufacturing
    Court: U.S. District Court of Delaware
    Judge: District Judge Andrews
    Attorneys: For plaintiff:
    for defendant:

    Case Number: D68717

    Plaintiff failed to adequately allege demand futility in connection with his derivative claims, and the statute of limitations barred one fraud claim.