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  • Sciabacucchi v. Liberty Broadband Corp.

    Publication Date: 2018-08-08
    Practice Area: Corporate Governance
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Kurt M. Heyman, Melissa N. Donimirski, Jason M. Leviton and Joel A. Fleming for plaintiff
    for defendant: Donald J. Wolfe, Jr., Peter J. Walsh, Jr., Brian C. Ralston, Tyler J. Leavengood, Jaclyn C. Levy, Aaron R. Sims and Richard B. Harper for defendants Liberty Broadband, Malone and Maffei; Martin S. Less-ner, David C. McBride, James M. Yoch, Jr., Paul J. Loughman, William Savitt, Anitha Reddy and David Kirk for remaining defendants.
    Case Number: D68243

    A stockholder failed to state any direct claims, but he adequately alleged demand futility and a viable deriva-tive claim for breach of fiduciary duty.

  • Olenik v. Lodzinski

    Publication Date: 2018-08-01
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Ned Weinberger and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, and David Sborz, Andrews & Springer LLC, New York, NY; Jeremy S. Friedman, Spencer Oster, New York, NY; David F.E. Tejtel, Friedman Oster & Tejtel PLLC, New York, NY, attorneys for plaintiff
    for defendant: Kenneth J. Nachbar, D. McKinley Measley, and Lauren Neal Bennett, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Gerard G. Pecht, Norton Rose Fulbright US LLP, Houston, TX; Peter A. Stokes and William Patrick Courtney, Norton Rose Fulbright US LLP, Austin, TX; Rolin P. Bissell and James M. Yoch, Jr., Young, Conaway, Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, Craig E. Zieminski, Amy T. Perry, Kent Piacenti, and Meredith S. Jeanes, Vinson & Elkins LLP, Dallas TX; Raymond J. DiCamillo, Robert L. Burns, and Daniel E. Kaprow, Richards, Layton & Finger, P.A. Wilmington, DE, attorneys for defendants.
    Case Number: D68232

    Breach of fiduciary duty claim following business combination transaction dismissed where, although plaintiff alleged controlling stockholder on both sides of transaction sought to benefit itself to non-affiliated stockholders' detriment, transaction was valid exercise of directors' business judgment.

  • Ellis v. Gonzalez

    Publication Date: 2018-07-25
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Francis A. Bottini, Jr. and Albert Y. Chang for plaintiff
    for defendant: Lisa A. Schmidt, Daniel E. Kaprow, Robert J. Kopecky and Joshua Z. Rabinovitz for defendants.
    Case Number: D68225

    Stockholder in this derivative action failed to establish that defendants faced a substantial threat of personal liability, so the court found demand was not excused.

  • Akrout v. Jarkoy

    Publication Date: 2018-07-25
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: David L. Finger, Finger & Slanina, Wilmington, DE, attorney for plaintiff
    for defendant: Kenneth J. Nachbar and Alexandra M. Cumings, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Steven G. Mintz and Kevin M. Brown, Mintz & Gold LLP, New York, NY, attorneys for defendant.
    Case Number: D68222

    Fiduciary duty claims against co-founders/co-directors barred by doctrine of laches where plaintiff stopped receiving company information and failed to receive accrued salary and dividends after being removed from office nearly nine years prior to instituting complaint.

  • Morrison v. Berry

    Publication Date: 2018-07-25
    Practice Area: Corporate Governance
    Industry: Food and Beverage | Investments and Investment Advisory | Retail
    Court: Delaware Supreme Court
    Judge: Justice Valihura
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher P. Quinn, Randall J. Baron and Christopher H. Lyons for plaintiff
    for defendant: John L. Reed, Ethan H. Townsend, Harrison S. Carpenter and David Clarke, Jr. for Berry defendants; Rudolf Koch, Matthew D. Perri, Ryan P. Durkin, Adam L. Sisitsky, Lavinia M. Weizel, Robert I Bodian and Scott A. Rader for remaining defendants.
    Case Number: D68226

    The board provided misleading information to stockholders prior to a vote, so the business judgment rule did not apply.

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    California Premises Liability Law

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  • Wenske v. Blue Bell Creameries, Inc.

    Publication Date: 2018-07-18
    Practice Area: Corporate Governance
    Industry: Food and Beverage
    Court: Court of Chancery
    Judge: Vice Chancellor Slights
    Attorneys: For plaintiff: Jessica Zeldin and Scott G. Burdine for plaintiffs
    for defendant: Timothy R. Dudderar and Travis R. Dunkelberger for Blue Bell Creameries, Inc. and Blue Bell Creameries, U.S.A; Jim E. Kruse, Howard W. Kruse, Richard Dickson, William J. Rankin, Diana Markwardt, John W. Barnhill, Jr., Paul A. Ehlert, Doro-thy McLeod MacInerney and Patricia Ryan for Blue Bell Creameries, L.P.; Srinivas M. Raju and Kelly L. Freund for individual defendants.
    Case Number: D68221

    Limited partners stated a claim for breach of the partnership agreement by the entity that was responsible for overseeing the company's operations, and pre-suit demand was excused.

  • Basho Techs. Holdco B, LLC v. Georgetown Basho Invs., LLC

    Publication Date: 2018-07-18
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: R. Montgomery Donaldson and Robert A. Penza, Polsinelli PC, Wilmington, DE; Robert V. Spake, Polsinelli PC, Kansas City, MO, attorneys for plaintiffs
    for defendant: Barry M. Klayman, Cozen O'Connor, Wilmington, DE; Lezlie Madden, Cozen O'Connor, Philadelphia, PA, attorneys for defendants.
    Case Number: D68215

    Controlling stockholder breached fiduciary duties by forcing company to accept onerous financing terms from stockholder, which permitted stockholders to gain actual control of company and direct it to engage in unfair self-dealing transactions.

  • In Re Straight Path Commc'ns Inc. Consolidated Stockholder Litig.

    Publication Date: 2018-07-11
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Ned Weinberger and Thomas Curry, Labaton Sucharow LLP, Wilmington, DE; March Lebovitch, Edward Timlin, John Vielandi, and David MacIsaac, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Vincent R. Cappucci and Joshua K. Porter, Entwistle & Cappucci LLP, New York, NY, attorneys for plaintiffs
    for defendant: Rudolf Koch, Kevin M. Gallagher, Sarah A. Clark, and Anthony M. Calvano, Richards, Layton & Finger, P.A., Wilmington, DE; William Ohlemeyer, Edward Normand, and Jason Cyrulnik, Boies Schiller Flexner LLP, Armonk, NY; Kevin G. Abrams, Michael A. Barlow, and April M. Kirby, Abrams & Bayliss, Wilmington, DE; Greg A. Danilow, Seth Goodchild, and Thomas G. James, Weil, Gotshal & Manges LLP, New York, NY, attorneys for defendants.
    Case Number: D68207

    Claim that controlling stockholder improperly used influence to acquire company asset in exchange for approving sale of the company was a direct claim that could be brought by stockholders since they would have received consideration for the asset but for the controller's conduct.

  • In re Hansen Med., Inc.

    Publication Date: 2018-07-04
    Practice Area: Corporate Governance | Mergers and Acquisitions
    Industry: Biotechnology
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Carmella P. Keenor, Carl L. Stine, Matthew Insley-Pruitt and Adam M. Blander for plaintiff
    for defendant: Stephen C. Norman, Brian C. Ralston, Jacqueline A. Rogers, Sara B. Brody and Matthew J. Dolan for defendants Vance and Lowe; Raymond J. DiCamillo, Sarah A. Clark, Ryan P. Durkin, Rocky C. Tsai, John D. Donovan, Jr. and Martin J. Crisp for defendant Auris Surgical Robotics, Inc.; C. Barr Flinn, Kathaleen S. McCormick, Richard J. Thomas, M. Paige Valeski, Tariq Mundiya, Benjamin P. McCallen and Casey Donnelly for remaining defendants.
    Case Number: D68201

    Minority stockholders in this merger case alleged reasonably conceivable claims for breach of fiduciary duty, but not for aiding and abetting.

  • Giuliano v. Ferdinand

    Publication Date: 2018-06-20
    Practice Area: Bankruptcy | Corporate Governance
    Industry:
    Court: U.S. Bankruptcy Court
    Judge: Judge Gross
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D68186

    In this adversary proceeding, the bankruptcy court determined that the trustee failed to allege claims for cor-porate waste, but the court granted and denied various parts of defendants' motions to dismiss the fraud, breach of fiduciary and fraudulent transfer claims.