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  • Green v. McClive

    Publication Date: 2024-06-18
    Practice Area: Corporate Governance
    Industry: Agriculture | Consulting | Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: D. McKinley Measley, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for plaintiff.
    for defendant: David L. Finger, Finger & Slanina, LLC, Wilmington, DE for defendants.
    Case Number: 2023-0139-MTZ

    Plaintiff sufficiently pled breach of fiduciary duty claims where the parties' operating agreement did not expressly permit fiduciaries to compete against the company or engage in self-interested transactions, but merely allowed managers to engage in other business opportunities.

  • Wagner v. BRP Group, Inc.

    Publication Date: 2024-06-11
    Practice Area: Corporate Governance
    Industry: Insurance
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Jacob D. Jeifa, Andrews & Springer LLC, Wilmington, DE; Steven J. Purcell, Robert H. Lefkowitz, Purcell & Lefkowitz LLP, New York, NY for plaintiff.
    for defendant: S. Mark Hurd, Lauren K. Neal, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendant.
    Case Number: 2023-0150-JTL

    Although founder pre-approval requirements violated provisions of the Delaware General Corporation Law, founders' post-lawsuit agreement to defer to unanimous approval of independent director committee was a sufficient mechanism to defeat facial challenges to the requirements.

  • Tornetta v. Musk

    Publication Date: 2024-06-11
    Practice Area: Corporate Governance
    Industry: Automotive | Manufacturing | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor McCormick
    Attorneys: For plaintiff: Gregory V. Varallo, Glenn R. McGillivray, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; Catherine A. Gaul, Ashby & Geddes, P.A., Wilmington, DE; John L. Reed, Ronald N. Brown, III, Caleb G. Johnson, Daniel P. Klusman, DLA Piper LLP (US), Wilmington, DE for plaintiff.
    for defendant: David E. Ross, Garrett B. Moritz, Thomas C. Mandracchia, Ross Aronstam & Moritz LLP, Wilmington, DE; William M. Lafferty, Susan W. Waesco, Ryan D. Stottmann, Miranda N. Gilbert, Jacob M. Perrone, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Rudolf Koch, John D. Hendershot, Kevin M. Gallagher, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.
    Case Number: 2018-0408-KSJM

    Court denied plaintiff's motions to expedite resolution of post-trial issues based on defendants' assertion that an upcoming shareholder proxy vote would not affect the litigation.

  • Kormos v. Playtika Holding UK II Ltd.

    Publication Date: 2024-05-20
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, David M. Sborz, Andrew J. Peach, Christopher P. Quinn, Jackson E. Warren, Andrews & Springer LLC, Wilmington, DE; Ned Weinberger, Casimir O. Szustak, Labaton Sucharow LLP, Wilmington, DE; Jeremy S. Friedman, David F.E. Tejtel, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; John Vielandi, Joshua M. Glasser, Labaton Keller Sucharow LLP, New York, NY; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA for plaintiffs.
    for defendant: Brian C. Ralston, Charles R. Hallinan, Potter Anderson & Corroon LLP, Wilmington, DE; Andrew R. Gray, Ryan A. Walsh, Natasha Pardawala, Latham and Watkins LLP, Costa Mesa, CA; R. Judson Scaggs, Jr., Susan W. Waesco, Kirk C. Andersen, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Dean Kristy, Fenwick & West LLP, San Francisco, CA; Felix S. Lee, Fenwick & West LLP, Mountain View, CA for defendants.
    Case Number: 2023-0396-SG

    Breach of fiduciary duty claims failed where plaintiffs failed to allege facts demonstrating that defendants took actions that were to the company's detriment or that interfered with the board's special committee's negotiations for a self-tender.

  • City of Pittsburgh Comprehensive Mun. Pension Trust Fund v. Conway

    Publication Date: 2024-05-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Joel Friedlander, Jeffrey M. Gorris, Christopher M. Foulds, Friedlander & Gorris, P.A., Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, Benny C. Goodman III, Andrew W. Hutton, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Gladriel Shobe, Jarrod Shobe, Shobe & Shobe, LLP, Provo, UT for plaintiff.
    for defendant: Blake Rohrbacher, Matthew D. Perri, Nicole M. Henry, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Robert A. Van Kirk, John Williams, Tyler Infinger, Bryan Czako, William Donnelly, Williams & Connolly LLP, Washington, DC for defendants.
    Case Number: 2022-0664-MTZ

    Plaintiff adequately pled breach of contractual duty of good faith when general partner concealed information indicating that equityholders lacked legal leverage to force a settlement payment for the loss of tax receivable agreement rights in exchange for their approval of the corporate conversion.

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  • Ramco Asset Mgmt., LLC v. USA Rare Earth, LLC

    Publication Date: 2024-05-06
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Mining and Resources
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Andrew St. Laurent, Harris St. Laurent & Wechsler LLP, New York, NY for plaintiffs.
    for defendant: John M. Seaman, E. Wade Houston, Abrams & Bayliss LLP, Wilmington, DE; Chelsea Corey, King & Spalding LLP, Charlotte, NC; Carl D. Neff, Pierson Ferdinand LLP, Wilmington, DE; Aurora Cassirer, Christina H. Bost Seaton, FisherBroyles, LLP, New York, NY; Karen E. Keller, Andrew E. Russell, Nathan R. Hoeschen, Shaw Keller LLP, Wilmington, DE; Justin L. Ormand, Allen & Overy, New York, NY; Patrick W. Pearsall, Allen & Overy, Washington, DC for defendants.
    Case Number: 2022-0665-SG

    Court declined to dismiss contract and good faith/fair duty claims where plaintiffs plausibly alleged that defendants breached their promise to convert plaintiffs' equity holdings to an identical equity percentage in the new entity.

  • Soleimani v. Hakkak

    Publication Date: 2024-04-29
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Brian C. Ralston, T. Brad Davey, Charles P. Wood, Abraham C. Schneider, Potter Anderson & Corroon LLP, Wilmington, DE; Douglas P. Baumstein, Ellen Shapiro, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., New York, NY for plaintiffs.
    for defendant: Blake Rohrbacher, Mari Boyle, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE; Anthony M. Candido, Clifford Chance US LLP, New York, NY for defendants.
    Case Number: 2023-0948-LWW MEMORANDUM OPINION Date Submitted:

    Plaintiff's removal as an employee and manager of LLCs was ineffective where the operating agreements established payment of the fair market value of plaintiff's revenue share as a condition precedent to removal.

  • Wright v. Silver Creek Pharm., Inc.

    Publication Date: 2024-04-08
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Kevin M. Gallagher, Andrew L. Milam, Richards, Layton & Finger, P.A., Wilmington, DE, attorneys for plaintiff.
    for defendant: Lisa M. Zwally, Greenberg Traurig, LLP, Wilmington, DE, attorney for defendant.
    Case Number: 2023-1044-LWW

    Purported written consent in lieu of a meeting could not moot stockholders' request for an annual meeting where the law required the removal of incumbent directors before a non-unanimous written consent could fill the vacancies.

  • Harrison Metal Capital III, L.P. v. Math

    Publication Date: 2024-04-08
    Practice Area: Corporate Governance
    Industry: E-Commerce | Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: A. Thompson Bayliss, Eric A. Veres, Abrams & Bayliss LLP, Wilmington, DE for plaintiff.
    for defendant: Catherine A. Gaul, Samuel M. Gross, Ashby & Geddes, Wilmington, DE; Bruce L. Silverstein, Malibu, CA for defendants.
    Case Number: 2022-0261-PAF

    Litigation demand not futile where directors who would give plaintiff a majority lacked any personal or professional connection to the interested controller sufficient to call the directors' independence into question.

  • Agahi v. Kelly

    Publication Date: 2024-04-01
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff:
    for defendant:
    Case Number: N23C-07-144 MAA CCLD

    Complaint seeking payment of settlement consideration was an action at law rather than a request for specific performance, meaning jurisdiction was proper in the superior court rather than the chancery court.