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

    Publication Date: 2019-02-06
    Practice Area: Corporate Governance | Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Thad J. Bracegirdle and Scott B. Czerwonka, Wilks, Lukoff & Bracegirdle, LLC, Wilmington, DE; Jeff Joyce, Joyce & McFarland LLP, Houston, TX for plaintiffs.
    for defendant: Brian C. Ralston and Jacqueline A. Rogers, Potter Anderson Corroon LLP, Wilmington, DE; Danny Da-vid and Rebecca Huddle, Baker Botts LLP, Houston, TX for defendants Terry and Walker. Bruce E. Jameson and Samuel L. Closic, Prickett, Jones & Elliott, P.A., Wilmington, DE; B. Russell Horton, George Brothers Kincaid & Horton, L.L.P., Austin, TX for Pinto Tech., RiverVest and Bay City Capital defendants.
    Case Number: D68451

    Defendants' successful effort to enforce a forum selection clause in the court of another state did not preclude them from arguing that a shareholder action was derivative.

  • Schnatter v. Papa John's Int'l, Inc.

    Publication Date: 2019-01-30
    Practice Area: Corporate Governance
    Industry: Food and Beverage
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Peter B. Ladig, Brett M. McCartney and Elizabeth A. Powers, Bayard, P.A. Wilmington, DE; Garland A. Kelley, Glaser Weil LLP, Los Angeles, CA for plaintiff.
    for defendant: Blake Rohrbacher, Robert L. Burns, Brian F. Morris and Kevin M. Regan, Richards, Layton & Finger, P.A., Wilmington, DE for defendant.
    Case Number: D68444

    A company failed to demonstrate that a director's request for records was made for an improper purpose, so the court required the company to provide relevant documents, including emails and text messages.

  • In re Fitbit, Inc. Stockholder Derivative Litig.

    Publication Date: 2018-12-26
    Practice Area: Corporate Governance
    Industry: Consumer Products | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer and David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jessica Zeldin of Rosenthal, Monhait & Goddess, P.A., Wilmington, DE, Melinda A. Nicholson and Michael R. Robinson, Kahn Swick & Foti, LLC, Madisonville, LA; Robert C. Schubert of Schubert Jonckheer & Kolbe LLP, San Francisco, CA; Edward F. Haber of Shapiro Haber & Urmy LLP, Boston, MA for plaintiffs.
    for defendant: Elena C. Norman, Young Conaway Stargatt & Taylor, LLP; Wilmington, DE; Jordan Eth, Anna Erickson White and Ryan M. Keats, Morrison & Foerster LLP, San Francisco, CA for defendants.
    Case Number: D68405

    Plaintiffs demonstrated demand futility, and their allegations were sufficient to state a claim against the company's board of directors for breach of fiduciary duty.

  • Goggin v. Nat'l Union Fire Ins. Co. of Pittsburgh, PA

    Publication Date: 2018-12-12
    Practice Area: Corporate Governance | Insurance Law
    Industry: Energy | Mining and Resources
    Court: Delaware Superior Court
    Judge: Judge Wallace
    Attorneys: For plaintiff: David J. Baldwin and Carla M. Jones, Potter Anderson & Corroon, LLP, Wilmington, DE; Seth B. Schafler and Seth D. Fiur, Proskauer Rose, LLP, New York, NY for plaintiffs.
    for defendant: Seth A. Niederman, Fox Rothschild, LLP, Wilmington, DE; Joseph Collins, Fox Rothschild, LLP, Chicago, IL for defendant.
    Case Number: D68383

    Exclusionary clause of Directors & Officers insurance policy applied where claims against former directors would not have arisen but for their formation and use of investment vehicles, of which they were managers/members, to enrich themselves at the expense of the corporation for which they were directors and the corporation's creditors.

  • In re Tangoe, Inc. Stockholders Litig.

    Publication Date: 2018-12-05
    Practice Area: Corporate Governance | Securities Litigation
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Kurt M. Heyman and Melissa N. Donimirski, Heyman Enerio Gattuso & Hirzel LLP, Wilmington, DE; Jason M. Leviton and Joel A. Fleming, Block & Leviton LLP, Boston, MA; Jeremy S. Friedman, Spencer Oster, and David F.E. Tejtel, Friedman Oster & Tejtel PLLC, New York, NY for plaintiff
    for defendant: Catherine G. Dearlove and Sarah A. Galetta, Richards, Layton & Finger, P.A., Wilmington, DE; William H. Paine, Timothy J. Perla, Peter A. Spaeth, and Alexandra C. Bourdreau, Wilmer Cutler Pickering Hale and Dorr LLP, Boston, MA for defendants.
    Case Number: D68375

    Stockholder's derivative complaint not dismissed where he adequately pled company failed to inform stockholders prior to their approval and asserted a reasonable claim for breach of duty of loyalty.

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  • Zalmanoff v. Hardy

    Publication Date: 2018-11-28
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Ronald A. Brown, Jr., J. Clayton Athey and Samuel L. Closic of Prickett, Jones & Elliott, P.A., Wilming-ton, DE; Jeffrey S. Abraham of Abraham, Fruchter & Twersky, LLP, New York, NY for plaintiff
    for defendant: David J. Teklits and D. McKinley Measley of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Howard S. Suskin, Elizabeth A. Edmondson, Lorenzo Di Silvio and Rémi J.D. Jaffré of Jenner & Block LLP, New York, NY for defendants.
    Case Number: D68372

    Corporate directors did not breach their fiduciary duty of disclosure when they provided stockholders with two documents which together contained all material information in connection with a stockholder vote.

  • Tilden v. Cunningham

    Publication Date: 2018-11-07
    Practice Area: Corporate Governance
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Chad J. Toms, Kaan Ekiner, Whiteford, Taylor & Preston LLC, Wilmington, DE; Ian S. Birk, Keller Rodr-back, L.L.P. Seattle, WA; Chelsea L. Mam, David M. Simmonds of Gordon Tilden Thomas & Cordell, Se-attle, WA, attorneys for plaintiff.
    for defendant: A. Thompson Bayliss, Michael A. Barlow, Daniel J. McBride, Abrams & Bayliss LLP, Wilmington, DE; Daniel J. Dunne, Orrick, Herrington & Sutcliffe LLP, Seattle, WA, attorneys for defendants Cunningham, Chung, Dunn, Hooper, Huebner, Waters and Zappone. D. McKinley Measley, Lauren Neal Bennett, Mor-ris Nichols, Arsht & Tunnell LLP, Wilmington, DE; Cristopher B. Durbin, Jeff Lombard, Cooley LLP, Se-attle, WA, attorneys for defendant Ruckelshaus. Rudolf Koch, Diana M. Joskowicz of Richards, Layton & Finger, P.A., Wilmington, DE; Paul H. Beattie, Rimon P.C., Seattle, WA, attorneys for defendant GCA Advisors, LLC. Garrett B. Moritz, R. Garrett Rice, Ross Aronstam & Moritz LLP, Wilmington, DE; Peter L. Simmons, Michael P. Sternheim, Fried, Frank, Harris Shriver & Jacobson LLP, New York, NY, attorneys for defendants Cambridge Information Group, Snyder and Allen. Bradley D. Sorrels, Lori W. Will, An-drew D. Berni, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE; Barry M. Kaplan, Gregory L. Watts of Wilson Sonsini Goodrich & Rosati, P.C., Seattle, WA, attorneys for nominal defendant Blu-cora, Inc.
    Case Number: D68350

    Plaintiff in this derivative action failed to demonstrate demand futility, and even if he had, the court concluded he did not state a claim on which relief could be granted.

  • Flood v. Synutra Int'l, Inc.

    Publication Date: 2018-10-24
    Practice Area: Corporate Governance | Mergers and Acquisitions | Securities Litigation
    Industry: Food and Beverage
    Court: Delaware Supreme Court
    Judge: Justice Strine
    Attorneys: For plaintiff: Ryan M. Ernst, Daniel P. Murray,O'Kelly Ernst & Joyce, LLC, Wilmington, DE; Donald J. Enright, Eliza-beth K. Tripodi, Levi & Korsinsky, LLP, Washington, D.C., attorneys for plaintiff
    for defendant: Matthew E. Fischer, Matthew R. Dreyfuss, Potter Anderson & Corroon LLP, Wilmington, DE; Roger A. Cooper, Rishi N. Zutshi, Vanessa C. Richardson, Hana Choi, Cleary Gottlieb Steen & Hamilton LLP, New York, NY, attorneys for defendants Synutra, Jinrong Chen, Lei Lin and Yalin Wu; William M. Laf-ferty, John P. DiTomo, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Lawrence Portnoy, Re-becca L. Martin, Davis Polk & Wardwell LLP, New York, NY, for defendants Liang Zhang, Xiuqing Meng and Beams Power Investment Ltd.
    Case Number: D68329

    The business judgment rule applied, even though a controller's initial offer did not contain the required condi-tions, because he provided a second letter containing those conditions prior to any action by the special com-mittee.

  • Cedarview Opportunities Master Fund, L.P. v. Spanish Broad. Sys., Inc.

    Publication Date: 2018-09-26
    Practice Area: Communications and Media | Corporate Governance | Foreign Corrupt Practices Act
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: John E. Abramczyk, D. McKinley Measley, and Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Shireen A. Barday, Kirkland & Elliss LLP, New York, NY; Patrick J. Nash, Kirkland & Ellis LLP, Chicago, IL, attorneys for plaintiffs
    for defendant: Robert S. Saunders, Matthew P. Majarian, and Haley S. Stern, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE, attorneys for defendant.
    Case Number: D68295

    Court declined to dismiss breach of contract claim where there was genuine dispute of material fact as to whether defendant company incurred indebtedness in violation of certificate of designation with preferred stockholders.

  • Mesirov v. Enbridge Energy Co., Inc.

    Publication Date: 2018-09-12
    Practice Area: Corporate Governance | Deals and Transactions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher P. Quinn, Jessica Zeldin, Lawrence P. Eagel, Jeffrey H. Squire and David J. Stone for plaintiff
    for defendant: Thomas W. Briggs, Jr., Richard Li, Kevin C. Logue, Kevin P. Broughel, J. Jeanette Kang and Molly L. Leiwant for Enbridge Energy Co., Inc. defendants; Raymond J. DiCamillo, Sarah A. Galetta, Lisa A. Schmidt, Michael H. Steinberg, Lauren M. Cruz, Zachary A. Sarnoff and Penny Shane, Yuliya Neverova for Enbridge, Inc. defendants; T. Brad Davey, Matthew F. Davis, Jacqueline A. Rogers and Abby F. Rudzin for defendant Piper Jaffray & Co.
    Case Number: D68282

    The law of the case determined resolution of certain matters raised in defendants' motions to dismiss.