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  • Lord Abbett Affiliated Fund v. Navient Corp.

    Publication Date: 2019-02-20
    Practice Area: Securities Litigation
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Patrick F. Morris, Karen L. Morris and R. Michael Lindsey, Morris and Morris LLC, Wilmington, DE; Ste-ven E. Fineman, Daniel P. Chiplock, Michael J. Miarmi, Richard M. Heimann, Bruce W. Leppla and Sha-ron M. Lee, Liefe Cabraser Heimann & Bernstein, New York, NY for plaintiffs.
    for defendant: Kelly E. Farnan, Richards Layton & Finger, P.A., Wilmington, DE; Peter A. Wald, Abid R. Qureshi, Christopher S. Turner and Christopher R. Harris, Latham & Watkins LLP, Washington, DC for Navient Corp. and individual defendants. Kevin G. Abrams and John M. Seaman, Abrams & Bayliss LLP, Wil-mington, DE; Adam S. Hakki, Daniel C. Lewis and Anthony D. Marinello of Shearman & Sterling LLP for underwriter defendants.
    Case Number: D68465

    Plaintiffs adequately stated claims for securities violations, except with regard to statements that were mere puffery and where plaintiffs failed to demonstrate scienter.

  • 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.

  • Applied Energetics, Inc. v. Farley

    Publication Date: 2019-02-06
    Practice Area: Corporate Entities | Securities Litigation
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Montgomery-Reeves
    Attorneys: For plaintiff: Jason C. Jowers, Meghan A. Adams, and Ian D. McCauley, Morris James LLP, Wilmington, DE; David A. Robinson, Benjamin P. Pugh, and Michael S. Wilde, Enterprise Counsel Group, a Law Corporation, Irvine, CA for plaintiff.
    for defendant: Kathleen M. Miller and Clarissa R. Chenoweth, Smith, Katzenstein & Jenkins LLP, Wilmington, DE; Ryan J. Whalen, Gusrae Kaplan Nusbaum PLLC, New York, NY for defendants.
    Case Number: D68446

    Preliminary injunction restricting transfer of stock allegedly issued in a director's breach of fiduciary duty was granted where company was likely to prove director lacked authority to issue the stock and director issued it at an unreasonably low price.

  • AR Capital, LLC v. XL Specialty Ins. Co.

    Publication Date: 2018-12-26
    Practice Area: Insurance Law | REITS | Securities Litigation
    Industry: Consulting | Insurance | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Carpenter
    Attorneys: For plaintiff: Jennifer C. Wasson and Carla M. Jones, Potter Anderson & Corroon LLP, Wilmington, DE; Robin L. Cohen and Natasha Romagnoli, McKool Smith, PC, New York, NY for plaintiff
    for defendant: Stephen B. Brauerman and Sara E. Bussiere, Bayard, P.A., Wilmington, DE; Joseph D. Jean, Alexander D. Hardiman, and Benjamin D. Tievsky, Pillsbury Winthrop Shaw Pittman LLP, New York, NY for intervenor.
    Case Number: D68398

    Investment manager entitled to coverage under client's policy where endorsement on policy expressly defined manager under the definition of "company" entitled to coverage for securities claims.

  • 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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    Florida Evidence and Procedure 2019

    Authors: Patrick S. Montoya, Ervin A. Gonzalez, Ervin A. Gonzalez, Ervin A. Gonzalez, Ervin A. Gonzalez

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  • Busch v. Richardson

    Publication Date: 2018-11-28
    Practice Area: Corporate Entities | Deals and Transactions | Securities Litigation
    Industry: Manufacturing
    Court: Court of Chancery
    Judge: Chancellor Bouchard
    Attorneys: For plaintiff: Peter B. Andrews, Craig J. Springer, and David M. Sborz, Andrews & Springer LLC, Wilmington, DE; Jeffrey Norton and Roger A. Sachar, Newman Ferrara LLP, New York, NY; Peter Safirstein and Elizabeth S. Metcalf, Safirstein Metcalf LLP, New York, NY for plaintiff
    for defendant: Blake Rohrbacher, Kevin M. Gallagher, and John M. O'Toole, Richards, Layton & Finger, P.A., Wilmington, DE; P. Clarkson Collins, Jr., Morris James LLP, Wilmington, DE; Garrett B. Moritz and Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE for defendants.
    Case Number: D68366

    Derivative complaint arising from related-party transactions dismissed after board exercised business judgment to decline stockholder's litigation demand, where stockholder failed to plead that demand was made in reliance on company's inaccurate representations or that a majority of the directors were not disinterested or independent.

  • Wigginton v. Advance Auto Parts, Inc.

    Publication Date: 2018-11-14
    Practice Area: Class Actions | Securities Litigation
    Industry: Automotive | Legal Services | Retail
    Court: U.S. District Court of Delaware
    Judge: District Judge Noreika
    Attorneys: For plaintiff: Brian E. Farnan and Michael J. Farnan of Farnan LLP, Wilmington, DE; Phillip Kim of The Rosen Law Firm, P.A., New York, NY; Peter B. Andrews, Craig J. Springer and David M. Sborz of Andrews & Springer LLC, Wilmington, DE; Ira M. Press, David A. Bishop and Thomas E. Elrod of Kirby Mcinerney LLP, New York, NY; Jeffrey M. Gorris and Christopher P. Quinn of Friedlander & Gorris, P.A., Wilmington, DE; Danielle S. Myers of Robbins, Geller, Rudman & Dowd LLP, San Diego, CA; P. Bradford deLeeuw of Rosenthal, Monhait & Goddess, P.A.; Naumon A. Amjed, Darren J. Check and Ryan T. Degnan of Kessler Topaz Meltzer & Check, LLP, Radnor, PA, attorneys for plaintiffs
    for defendant: Samuel A. Nolen and Katharine L. Mowrey of Richards Layton & Finger, P.A.; Douglas P. Baumstein and Susan L. Grace of White & Case LLP, New York, NY, attorneys for defendants.
    Case Number: D68351

    Institutional investor with largest financial interest in putative securities fraud class action was entitled to presumption as lead plaintiff despite falling afoul of the 5-in-3 Rule due to the statutory preference for institutional investors serving as lead plaintiffs in securities class actions.

  • 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.

  • KT4 Partners, LLC v. Palantir Tech., Inc.

    Publication Date: 2018-09-05
    Practice Area: Business Torts | Securities Litigation
    Industry: Brokerage | Investments and Investment Advisory
    Court: Delaware Superior Court
    Judge: Judge Davis
    Attorneys: For plaintiff: Bartholomew J. Dalton, Michael C. Dalton, Dalton & Associates, P.A., Wilmington, DE; Barry S. Simon, Jonathan B. Pitt and Stephen L. Wohlgemuth for plaintiffs
    for defendant: Blake Rohrbacher, Kelly E. Farnan, Kevin Gallagher, Kelly L. Freund, Richards, Layton & Finger, P.A., Wilmington, DE; Kevin Orsini, Rory A. Leraris, Cravath, Swaine & Moore LLP, NY, NY for defendant Palantir Tech., Inc.; Elena C. Norman, Lakshmi A. Muthu, Ashley A. Davoli, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; C. Andrew Kitchen, Nicholas J. Boos, Alexandra Drury, Maynard Cooper & Gale LLP, San Francisco, CA, for defendant Disruptive Tech. Advisors, LLC.
    Case Number: D68276

    Plaintiffs adequately stated claims for tortious interference with a prospective economic advantage and civil conspiracy under either Delaware or California law.

  • Chuang v. OD Expense LLC

    Publication Date: 2018-08-15
    Practice Area: Contracts | Dispute Resolution | Securities Litigation
    Industry: Investments and Investment Advisory
    Court: U.S. Court of Appeals for the Third Circuit
    Judge: Judge Fuentes
    Attorneys: For plaintiff:
    for defendant:
    Case Number: D68246

    Defendants unable to compel arbitration where agreement also included forum selection clause placing exclusive jurisdiction in Delaware courts, and where defendants were not party to or agents of a party to another agreement containing exclusive arbitration clause.