• Wenske v. Blue Bell Creameries, Inc.

    Publication Date: 2019-09-11
    Practice Area: Corporate Governance
    Industry: Food and Beverage
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jessica Zeldin, Monhait & Goddess, P.A., Wilmington, DE; Scott G. Burdine and Davie E. Wynne, Burdine Wynne LLP, Hou-ston, TX for plaintiffs.
    for defendant: Timothy R. Dudderar, Potter Anderson & Corroon LLP, Wilmington, DE for defendants Blue Bell Creameries, U.S.A., Inc., Jim Kruse, Howard Kruse, Dickson, Rankin, Markwardt, Barhill, Ehlert, MacInerney and Ryan. Srinivas M. Raju and Kelly L. Freund, Richards, Layton & Finger, P.A., Wilmington, DE for defendants Bridges and Paul Kruse. Paul A. Fioravanti, Jr. and John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE; Hugh C. Connor II, Michael D. Anderson and Caleb B. Bulls, Kelly Hart & Hallman, LLP, Fort Worth, TX for defendants Blue Bell Creameries, Inc. and Blue Bell Creameries, U.S.A., Inc. Joseph B. Cicero and Gregory E. Stuhlman, Chipman Brown Cicero & Cole, LLP, Wilmington, DE for Blue Bell Creameries L.P. Michael J. Maimone and Jospeh C. Schoell, Drinker Biddle and Reath LLP, Wilmington, DE for Special Litig. Comm. of Blue Bell Creameries, L.P.

    Case Number: D68701

    Agency principles prevented a special litigation committee from having authority to manage this derivative litigation, because the court had previously held that the sole general partner which created the committee had a disabling interest.

  • Urdan v. WR Capital Partners, LLC

    Publication Date: 2019-09-04
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Elena C. Norman, Benjamin M. Potts, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Louis R. Miller, Daniel S. Mil-ler and Jeffery B. White, Miller Barondess, LLP, Los Angeles, CA for plaintiffs.
    for defendant: Kenneth J. Nachbar and Alexandra M. Cumings, Morris Nichols Arsht & Tunnell LLP, Wilmington, DE for defendants.

    Case Number: D68693

    A release provision in a settlement agreement was not effective to preserve plaintiffs' rights to pursue derivative or direct claims, because they had already sold their shares pursuant to separate repurchase agreements.

  • Tiger v. Boast Apparel, Inc.

    Publication Date: 2019-08-21
    Practice Area: Corporate Governance
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Delaware Supreme Court
    Judge: Justice Traynor
    Attorneys: For plaintiff: David A. Felice, Bailey & Glasser, LLP, Wilmington, DE for appellant.
    for defendant: Kevin G. Abrams and Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Brian J. Capitummino, Woods Oviatt Gilman LLP, Rochester, NY for appellee.

    Case Number: D67676

    There was no presumption of confidentiality for books and records produced in response to a §220 request, nor was a requesting stockholder required to show exigent circumstances to avoid an indefinite confidentiality obligation.

  • Rojas v. Ellison

    Publication Date: 2019-08-14
    Practice Area: Corporate Governance
    Industry: Retail
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Thomas A. Uebler and Jeremy J. Riley, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Melinda A. Nicholson, Kahn Swick & Foti, LLC, New Orleans, LA; Roger A. Sachar, Newman Ferrara LLP, New York, NY for plaintiff.
    for defendant: William M. Lafferty, Susan W. Waesco and Riley T. Svikhart of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Meryl L. Young, Jason J. Mendro and Lissa M. Percopo of Gibson, Dunn & Crutcher LLP, Irvine, CA and Washington, DC for defend-ants.

    Case Number: D68666

    In this derivative action, plaintiff failed to allege particularized facts that defendant directors acted in bad faith or to demon-strate demand futility.

  • In re: Towers Watson & Co. Stockholders Litig.

    Publication Date: 2019-08-07
    Practice Area: Corporate Governance
    Industry: Consulting
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Michael J. Barry and Christine M. Mackintosh, Grant & Eisenhoffer P.A., Wilmington, DE for plaintiffs Alaska Labor-ers-Employers Retirement Trust and City of Fort Myers Gen. Employees' Pension Fund. Lee D. Rudy, Geoffrey C. Jarvis, J. Daniel Albert and Stacey A. Greenspan, Kessler Topaz Meltzer & Check, LLP, Radnor, PA for City of Fort Myers Gen. Em-ployees' Pension Fund. Bradley R. Aronstam and Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE
    for defendant: John A. Neuwirth, Joshua S. Amsel, Matthew S. Connors, Amanda K. Pooler and Sean Moloney, Weil, Gotshal & Manges LLP, New York, NY for defendants Ganzi, Haley, Heisz, O'Neill, Rabbitt, Ray, Thomas and Zeller. Raymond J. DiCamillo and Sarah T. Andrade, Richards, Layton & Finger, P.A., Wilmington, DE; Richard S. Horvath, Jr., Paul Hastings LLP, San Francis-co, CA for defendants Ubben and ValueAct Capital Management, L.P.

    Case Number: D68658

    Stockholders failed to rebut the business judgment rule, because they did not present sufficient evidence of a conflict of inter-est.

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  • Saba Capital Master Fund, Ltd. v. BlackRock Credit Allocation Income Trust

    Publication Date: 2019-07-17
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Carmella P. Keener of Rosenthal, Monhait & Goddess, P.A., Wilmington, DE; Carol S. Shahmoon and Gregory E. Keller, Shahmoon Keller PLLC, Great Neck NY for plaintiff.
    for defendant: William M. Lafferty, D. McKinley Measley, Thomas P. Will and Lauren P. Russell, Morris, Nichols, Arsht & Tunnell LLP, Wil-mington, DE; Tariq Mundiya, Sameer Advani, Alexander L. Cheney and Brittany M. Wagonheim, Wilkie Farr & Gallagher LLP, New York, NY for BlackRock Credit Allocation Income Trust and BlackRock New York Municipal Bond Trust. Robert S. Saunders, Ronald N. Brown, III and Eben P. Colby, Skadden, Arps, Slate, Meagher & Flom, LLP, Wilmington, DE and Boston MA for BlackRock Advisors, LLC, Robert Fairbairn and John Perlowski. Gregory P. Williams and Kevin M. Regan, Richards, Layton & Finger, P.A., Wilmington, DE; John S. Kiernan and Jeremy Feigelson, Debevoise & Plimpton LLP, New York, NY for remaining defendants.

    Case Number: D68635

    The court held that companies could not invalidate a shareholder's nominees due to the failure to return an overly broad ques-tionnaire within a short time frame, and the court further required that votes in favor of the shareholder's nominees should be counted at the next annual meetings.

  • Reith v. Lichtenstein

    Publication Date: 2019-07-10
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Andrew S. Dupre and Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE; Eduard Korsinsky, Amy Miller, William J. Fields and Samir Shukurov, Levi & Korsinsky, LLP, New York, NY for plaintiff.
    for defendant: John M. Seaman, Abrams & Bayliss LLP, Wilmington, DE; Thomas J. Fleming, Adrienne Ward and Kerrin T. Klein, Olshan Frome Wolosky LLP, New York, NY for defendants Lichtenstein, Howard, Kassan Fejes and Steel Holdings defendants. Gregory V. Varallo, Matthew D. Perri and Sarah T. Andrade, Richards, Layton & Finger, P.A., Wilmington, DE for defendants Fenton, Legyel and Wald.

    Case Number: D68626

    Pre-suit demand was excused in this derivative action.

  • Howland v. Kumar

    Publication Date: 2019-06-26
    Practice Area: Corporate Governance
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Sidney S. Liebesman, Johnna M. Darby and Wali W. Rushdan II, Fox Rothschild LLP, Wilmington, DE for plaintiff.
    for defendant: Bradley D. Sorrels and Daniyal M. Iqbal, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for individual defendants. Stephen E. Jenkins, Ashby & Geddes, P.A., Wilmington, DE for nominal defendant Anixa Biosciences, Inc.

    Case Number: D68611

    In this derivative action, a stockholder alleged sufficient facts to support an inference that defendant directors and officers breached their fiduciary duty.

  • Klein v. Wasserman

    Publication Date: 2019-06-12
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Michael F. Bonkowski and Andrew L. Cole, Cole Schotz P.C., Wilmington, DE; Steven R. Klein and Rachel A. Mongiello, Cole Schotz P.C., Hackensack, NJ, attorneys for plaintiffs
    for defendant: Lisa A. Schmidt and Matthew D. Perri, Richards, Layton & Finger, P.A., Wilmington, DE; Joseph L. Fogel and Michael P. Kornak, Freeborn & Peters LLP, Chicago, IL, attorneys for defendants.

    Case Number: D68590

    Breach of fiduciary duty claim against investors failed where company failed to show investors qualified as company controllers through either their equity stake, their control of the board, or their efforts to disrupt company operations that were severe enough to demonstrate the investors' control.

  • Stein v. Blankfein

    Publication Date: 2019-06-12
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Bruce E. Farnan, Michael J. Farnan and Rosemary J. Piergiovanni, Farnan LLP, Wilmington, DE; A. Arnold Gershon and Mi-chael A. Toomey, Barrack, Rodos & Bacine, New York, NY for plaintiff.
    for defendant: Kevin G. Abrams, J. Peter Shindel, Jr. and Matthew L. Miller, Abrams & Bayliss LLP, Wilmington, DE; Robert J. Guiffra, Jr. and David M.J. Rein, Sullivan & Cromwell LLP, New York, NY for director defendants. Gregory V. Varallo, Kevin M. Gallagher and Robert L. Burns, Richards, Layton & Finger, P.A., Wilmington, DE for The Goldman Sachs Group, Inc.

    Case Number: D68597

    The entire fairness standard of review applied to the question of director self-compensation.