• Keller v. Steep Hill, Inc.

    Publication Date: 2023-09-11
    Practice Area: Corporate Governance
    Industry: Agriculture | Consulting | Consumer Products
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Bruce E. Jameson, Eric J. Juray, Jason W. Rigby, Robert B. Lackey, Prickett, Jones & Elliott, P.A., Wilmington, DE; Thomas H. Vidal, Shamar Toms-Anthony, Pryor Cashman LLP, Los Angeles, CA for plaintiff.
    for defendant: David A. Felice, Bailey & Glasser, LLP, Wilmington, DE; Evan W. Bolla, Megan Dubatowka, Harris St. Laurent & Wechsler LLP, New York, NY for defendant.

    Case Number: 2022-0098-MTZ

    Reasoning that under the plain language of 8 Del. C. § 145 a director or officer may recover for fees incurred by a wholly owned entity, the court held that plaintiff was entitled to indemnification for breach of contract claims brought against an entity owned by him as well as for counterclaims brought by him and the entity.

  • Hammann v. Adamis Pharm. Corp.

    Publication Date: 2023-09-04
    Practice Area: Corporate Governance
    Industry: Pharmaceuticals
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Jerald Hammann, plaintiff pro se.
    for defendant: Rolin P. Bissell, James M. Yoch, Jr., Alberto E. Chávez, Young Conaway Stargatt & Taylor, LLP, Wilmington, DE; Michael C. Holmes, Robert P. Ritchie, Jeremy R. Gonzalez, Vinson & Elkins L.L.P., Dallas, TX for defendants.

    Case Number: 2021-0506-PAF

    Stockholder's action to invalidate board election was moot where directors had completed their terms and the company had elected a new board.

  • In re AMC Ent. Holdings, Inc. Stockholder Litig.

    Publication Date: 2023-08-28
    Practice Area: Corporate Governance
    Industry:
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Edward Timlin, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Michael J. Barry, Kelly L. Tucker, Jason M. Avellino, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; John A. Neuwirth, Joshua S. Amsel, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: 2023-0215-MTZ

    Court approved non-opt-out class for direct stockholder breach of fiduciary duty claims where obtaining opt-outs would be impractical under the circumstances and the proposed settlement provided relief to the entire class.

  • In Re AMC Ent. Holdings, Inc. Stockholder Litig.

    Publication Date: 2023-08-07
    Practice Area: Corporate Governance
    Industry: Entertainment and Leisure
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Gregory V. Varallo, Daniel E. Meyer, Bernstein Litowitz Berger & Grossman LLP, Wilmington, DE; Mark Lebovitch, Edward Timlin, Bernstein Litowitz Berger & Grossman LLP, New York, NY; Michael J. Barry, Kelly L. Tucker, Jason M. Avellino, Grant & Eisenhofer, P.A., Wilmington, DE; Thomas Curry, Saxena White P.A., Wilmington, DE for plaintiffs.
    for defendant: Raymond J. DiCamillo, Kevin M. Gallagher, Matthew W. Murphy, Richards, Layton & Finger, P.A., Wilmington, DE; John A. Neuwirth, Joshua S. Amsel, Tanner S. Stanley, Weil, Gotshal & Manges LLP, New York, NY for defendants.

    Case Number: 2023-0215-MTZ

    The court declined to approve a proposed settlement on behalf of a putative class of common stockholders noting that the release would release not only claims associated with the common stock but also claims related to the ownership of preferred equity units, even though plaintiffs had not brought an action on behalf of a class of preferred equity unitholders.

  • Atallah v. Malone

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: F. Troupe Mickler IV, Stephen E. Jenkins, Ashby & Geddes, P.A., Wilmington, DE; William J. Fields, Christopher J. Kupka, Samir Shukurov, Fields Kupka & Shukurov LLP, New York, NY; Gustavo F. Bruckner, Samuel J. Adams, Daryoush Behbood, Pomerantz LLP, New York, NY; Brian Schall, The Schall Law Firm, Los Angeles, CA for plaintiffs.
    for defendant: Kevin R. Shannon, Tyler J. Leavengood, Jaclyn C. Levy, Michael C. Gorski, Jr., Lucille E. Wiesner, Potter Anderson & Corroon LLP, Wilmington, DE; Richard B. Harper, Vern Cassin, Thomas E. O’Brien, Alyssa M. Pronley, Kristina Wenner, Baker Botts LLP, New York, NY; Bradley R. Aronstam, S. Reiko Rogozen, Roger S. Stronach, Ross Aronstam & Moritz LLP, Wilmington, DE; Joseph O. Larkin, Matthew P. Majarian, Rupal K. Joshi, Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, DE; James R. Carroll, Skadden, Arps, Meagher & Flom LLP, Boston, MA for defendants.

    Case Number: 2021-1116-SG

    The court denied defendants' motion to dismiss plaintiffs' derivative complaint which alleged that one defendant had made a sham offer to purchase another defendant's high vote stock to trigger a call right, which in turn resulted in significant monetary benefits to both defendants and harm to nominal defendant.

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  • CCSB Fin. Corp. v. Totta

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Investments and Investment Advisory
    Court: U.S. District Court of Delaware
    Judge: District Judge Seitz
    Attorneys: For plaintiff: Kevin J. Connors, Aaron E. Moore, Marshall Dennehey Warner Coleman & Goggin, Wilmington, DE; Michael H. McGinley, Rick S. Horvath, Stuart T. Steinberg, Dechert LLP, Philadelphia, PA; Brett A. Scher, Patrick M. Kennell, Kaufman Dolowich & Voluck, LLP, New York, NY for appellant.
    for defendant: Kevin H. Davenport, Eric J. Juray, John G. Day, Prickett, Jones & Elliott, P.A., Wilmington, DE for appellees.

    Case Number: 2021-0173

    Chancery court correctly disregarded corporate charter provision deeming board action "conclusive and binding" where the provision had the effect of exculpating directors from liability for breaching their duty of loyalty to the corporation.

  • Bruckel v. Tauc Holdings, LLC

    Publication Date: 2023-07-31
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Ethan H. Townsend, Kevin M. Regan, McDermott Will & Emory LLP, Wilmington, DE; Jennifer Aronoff, McDermott Will & Emory LLP, Chicago, IL; Megan E. Thibert-Ind, Manatt, Phelps & Phillips, LLP, Chicago, IL for plaintiff.
    for defendant: Ronald N. Brown, III, Kelly L. Freund, DLA Piper LLP (US), Wilmington, DE; James C. Bookhout, Mallory Biblo, DLA Piper LLP (US), Dallas, TX for defendant.

    Case Number: 2021-0579-MTZ

    The court granted plaintiff's motion for civil contempt and sanctions and shifted plaintiff's fees to defendant upon finding that defendant had "contemptuously" failed to fully and timely produce ordered documents.

  • Coster v. UIP Co. Inc.

    Publication Date: 2023-07-10
    Practice Area: Corporate Governance
    Industry: Real Estate
    Court: Delaware Supreme Court
    Judge: Justice Seitz
    Attorneys: For plaintiff: Max B. Walton, Kyle Evans Gay, Connolly Gallagher LLP, Newark, DE; Michael K. Ross, Serine Consolino, Aegis Law Group LLP, Washington, DC for appellant.
    for defendant: Deborah B. Baum, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC; Stephen B. Brauerman, Elizabeth A. Powers, Bayard, P.A., Wilmington, DE for appellees.

    Case Number: 163, 2022

    Stock issuance that diluted interest of stockholder with one-half interest who had filed a custodian action to break board election deadlock was not inequitable where issuance was reasonably calculated to prevent default under company's key contracts and had the benefit of retaining a key employee, while stockholder was not coerced as she retained a swing vote.

  • Sternlicht v. Hernandez

    Publication Date: 2023-06-27
    Practice Area: Corporate Governance
    Industry: Health Care
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Adrienne Ward, Lori Marks-Esterman, Olshan Frome Wolosky LLP, New York, NY; John M. Seaman, April M. Ferraro, Abrams & Bayliss LLP, Wilmington, DE; Tariq Mundiya, Richard Li, Willkie Farr & Gallagher LLP, New York, NY for plaintiffs.
    for defendant: Blake Rohrbacher, Kevin M. Gallagher, Matthew W. Murphy, Nicole M. Henry, Jordan L. Cramer, Sandy Xu, Mari Boyle, Edmond S. Kim, Morgan R. Harrison, Richards, Layton & Finger, P.A., Wilmington, DE for defendants.

    Case Number: 2023-0477-PAF

    Court declined to enjoin advance notice bylaw where company did not have radical change in operations and plaintiff stockholders' delay contributed to their inability to timely present a slate of directors for the annual meeting.

  • Optimiscorp v. Atkins

    Publication Date: 2023-06-13
    Practice Area: Corporate Governance
    Industry: Health Care | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Theodore A. Kittila, William E. Green, Jr., Halloran Farkas + Kittila LLP, Wilmington, DE for plaintiff.
    for defendant: Stephen B. Brauerman, Sarah T. Andrade, Megan A. McGovern, Bayard, PA, Wilmington, DE for defendant.

    Case Number: 2020-0183-MTZ

    Stockholders who pursued a derivative claim breached fiduciary duties to company by withholding the award in that claim, since derivative plaintiffs served as company agents rather than directors entitled to have their conduct reviewed under gross negligence or business judgment rule standards.