• Hyde Park Venture Partners Fund III, L.P. v. FairXchange, LLC

    Publication Date: 2024-08-13
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, Samuel D. Cordle, Anthony R. Sarna, Abrams & Bayliss LLP, Wilmington, DE for petitioner.
    for defendant: David E. Ross, Garrett B. Moritz, Adam D. Gold, Elizabeth M. Taylor, Ross Aronstam & Moritz LLP, Wilmington, DE for respondent.

    Case Number: 2022-0344-JTL

    Court relied on deal price as corporation's fair market value during appraisal where the price operated as a floor on company value due to errors by the CEO that left value on the table.

  • MSCM Holdings, Inc. v. PCS-Mosaic Holdings, LLC

    Publication Date: 2024-08-13
    Practice Area: Mergers and Acquisitions
    Industry: Defense | Software | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Alan D. Albert, Stephen D. Dargitz, O’Hagan Meyer PLLC, Wilmington, DE; Charles M. Sims, C. Quinn Adams, O’Hagan Meyer, PLLC, Richmond, VA for plaintiff.
    for defendant: John G. Harris, Berger Harris LLP, Wilmington, DE for defendant.

    Case Number: 2022-0959-SG

    Court dismissed third-party claims as unable to provide relief if defendants were found liable to plaintiffs, and defendants' counterclaims for their failure to provide the contractually required pre-suit notice.

  • Fortis Advisors LLC v. Medtronic Minimed, Inc.

    Publication Date: 2024-08-13
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory | Manufacturing | Software
    Court: Court of Chancery
    Judge: Chancellor Adams
    Attorneys: For plaintiff: Ronald S. Gellert, Gellert Seitz Busenkell & Brown, LLC, Wilmington, DE; Derek J. Meyer, Prospect Law LLP, Los Angelos, CA for plaintiff.
    for defendant: Jacqueline A. Rogers, Potter Anderson & Corroon LLP, Wilmington, DE; Victor L. Hou, Cleary Gottlieb Steen & Hamilton LLP, New York, NY; Nowell D. Bamberger, Cleary Gottlieb Steen & Hamilton LLP, Washington, DC for defendant.

    Case Number: 2023-1055-MAA

    Court declined to find a breach of merger agreement where seller agreed to impose no specific contractual duties upon the buyer to achieve the milestone for a contingent payment, as the buyer had discretion to exercise business judgment provided its primary purpose was not to defeat the milestone payment.

  • Former SARcode Shareholder LLC v. Novartis Pharma AG

    Publication Date: 2024-08-13
    Practice Area: Mergers and Acquisitions
    Industry: Investments and Investment Advisory | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Cook
    Attorneys: For plaintiff: John G. Harris, Halloran Farkas + Kittila LLP, Wilmington, DE for plaintiff.
    for defendant: Stephen C. Norman, Jaclyn C. Levy, Emma K. Diver, Potter Anderson & Corroon LLP, Wilmington, DE for defendant.

    Case Number: 2022-1053-NAC

    Court denied motion to vacate judgment dismissing action to enforce information rights on res judicata grounds where existence of underlying clinical trial data had been known to parties in prior action, where they could have sued to enforce their information rights.

  • Pearce v. NeueHealth, Inc.

    Publication Date: 2024-07-30
    Practice Area: Mergers and Acquisitions
    Industry: Health Care | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Rennie
    Attorneys: For plaintiff: Carmella P. Keener, Cooch and Taylor, P.A., Wilmington, DE; David W. Asp, Joseph C. Bourne, R. David Hahn, Lockridge Grindal Nauen P.L.L.P., Minneapolis, MN; Anne T. Regan, Nathan D. Prosser, Hellmuth & Johnson PLLC, Edina, MN for plaintiffs.
    for defendant: Emily V. Burton, Cheol W. Park, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Jan M. Conlin, Heather M. McElroy, Patrick A. Cochran, Ciresi Conlin LLP, Minneapolis, MN for defendant.

    Case Number: N23C-09-005 SKR CCLD

    Forward-looking projection could constitute actionable fraud where plaintiffs adequately alleged that the projection was a complete fabrication as defendants lacked the data necessary to calculate a reasonable projection and thus likely fabricated the figures underpinning the projection.

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  • LGM Holdings, LLC v. Schurder

    Publication Date: 2024-07-23
    Practice Area: Mergers and Acquisitions
    Industry: Distribution and Wholesale | Pharmaceuticals
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff: Thomas E. Hanson, Jr., Barnes & Thornburg LLP, Wilmington, DE; Eric Sussman, Denise Lazar, Barnes & Thornburg LLP, Chicago, IL for plaintiffs.
    for defendant: John M. Seaman, Florentina D. Field, Abrams & Bayliss LLP, Wilmington, DE; Travis S. Hunter, Richards, Layton & Finger, P.A., Wilmington, DE; Michael J. Payne, Frankel, Rubin, Klein, Payne & Pudlowski, P.C., St. Louis, MO for defendants.

    Case Number: N23C-09-011 EMD CCLD

    Buyers waived their fraud claims against sellers by averring in a subsequent letter agreement that buyers' losses arose from sellers' breaches of representations and warranties, and buyers failed to file an indemnity lawsuit within the applicable survival period.

  • Sciannella v. AstraZeneca UK Ltd.

    Publication Date: 2024-07-16
    Practice Area: Mergers and Acquisitions
    Industry: Biotechnology | Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Kimberly A. Evans, Lindsay K. Faccenda, Irene R. Lax, Robert Erikson, Block & Leviton LLP, Wilmington, DE; Christopher H. Lyons, Tayler D. Bolton, Robbins Geller Rudman & Dowd LLP, Wilmington, DE; Randall J. Baron, David A. Knotts, Teo A. Doremus, Robbins Geller Rudman & Dowd LLP, San Diego, CA; Brett M. Middleton, Johnson Fistel, LLP, San Diego, CA for plaintiff.
    for defendant: Kevin M. Gallagher, Nicole M. Henry, Richards, Layton & Finger, P.A., Wilmington, DE; John F. Sylvia, Kerime S. Akoglu, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C., Boston, MA; Daniel M. Silver, Benjamin A. Smyth, Sarah E. Delia, Alexandra M. Joyce, McCarter & English, LLP, Wilmington, DE; Meredith Kotler, Mary Eaton, Nicholas A. Caselli, Freshfields Bruckhaus Deringer US LLP, New York, NY for defendants.

    Case Number: 2023-0125-PAF

    Fiduciary claims against purported controlling stockholder dismissed where plaintiff failed to plead facts demonstrating that stockholder qualified as a controller of the company or exercised transaction-specific control during proposed sale of company via tender offer.

  • RedBird Capital Partners Platform LP v. Concorde Parent, LP

    Publication Date: 2024-07-16
    Practice Area: Mergers and Acquisitions
    Industry: Construction | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Martin S. Lessner, Tammy L. Mercer, Lauren Dunkle Fortunato, Andrew J. Cazerkawski, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Johnathan D. Schiller, Thomas H. Sosnowski, Boies Schiller Flexner LLP, New York, NY for plaintiffs.
    for defendant: Michael A. Barlow, Hayden J. Driscoll, Quinn Emanuel Urquhart & Sullivan, LLP, Wilmington, DE; Michael B. Carlinsky, Charles H. Sangree, Caitlin E. Jokubaitis, Quinn Emanuel Urquhart & Sullivan, LLP, New York, NY; Christopher D. Porter, Quinn Emanuel Urquhart & Sullivan, LLP, Houston, TX for defendants.

    Case Number: 2024-0274-SG

    Court declined to enjoin contractual alternative dispute resolution process where parties agreed to submit validity of post-closing cap-ex budget to independent consultant for expert review, where consultant was empowered to conduct independent analysis of company's financial records.

  • Channel PES Acquisition Co., LLC v. Heritage-Crystal Clean, Inc.

    Publication Date: 2024-07-16
    Practice Area: Mergers and Acquisitions
    Industry: Chemicals and Materials | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff: Stamatios Stamoulis, Richard C. Weinblatt, Stamoulis & Weinblatt LLC, Wilmington, DE; Richard A. Schwartz, Ross LLP, Los Angeles, CA for plaintiff.
    for defendant: John P. DiTomo, Alec F. Hoeschel, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Brian J. Massengill, Matthew E. Fenn, Mayer Brown LLP, Chicago, IL for defendant.

    Case Number: N23C-08-206 MAA CCLD

    Claims connected to the process of calculation and payment fell within scope of parties' limited arbitration clause covering the calculation of payment for acquired company following post-closing true-up.

  • Pinnacle IV, L.P. v. Cyberlabs AI Holdings Ltd.

    Publication Date: 2024-07-16
    Practice Area: Mergers and Acquisitions
    Industry: Advertising | Software | Technology Media and Telecom
    Court: Delaware Superior Court
    Judge: Judge Adams
    Attorneys: For plaintiff: Andrew D. Cordo, Andrew D. Berni, Joshua A. Manning, Wilson Sonsini Goodrich & Rosati, P.C., Wilmington, DE for plaintiff.
    for defendant: Berton W. Ashman, Jr., Jesse L. Noa, Justin T. Hymes, Potter Anderson & Corroon LLP, Wilmington, DE; Michael J. Baratz, Patrick F. Linehan, Steptoe LLP, Washington, DC for defendants.

    Case Number: N23C-04-021 MAA CCLD

    Court granted judgment to enforce promissory note where affirmative defenses/counterclaims of fraud failed as plaintiff was not the principal of company officers who allegedly misrepresented company sales numbers.