• Gunderson v. The Trade Desk, Inc.

    Publication Date: 2024-11-19
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Fioravanti
    Attorneys: For plaintiff: Gregory V. Varallo, Andrew E. Blumberg, Daniel E. Meyer, Bernstein Litowitz Berger & Grossmann LLP, Wilmington, DE; Christopher J. Orrico, Shiva Mohan, Bernstein Litowitz Berger & Grossmann LLP, New York, NY; Jeremy S. Friedman, David F.E. Tejtel, Alexander M. Krischik, David A. Rosenfeld, Friedman Oster & Tejtel PLLC, Bedford Hills, NY; Joel Fleming, Lauren Godles Milgroom, Equity Litigation Group LLP, Boston, MA; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA for plaintiff;
    for defendant: Brad D. Sorrels, Andrew D. Cordo, Nora M. Crawford, Lauren G. DeBona, Jacqueline G. Conner, Wilson Sonsini Goodrich & Rosati P.C., Wilmington, DE; Colleen C. Smith, Latham & Watkins LLP, San Diego, CA; Blair Connelly, Zachary L. Rowen, Thomas Giblin, Latham & Watkins LLP, New York, NY; Ryan A. Walsh, Latham & Watkins LLP, Costa Mesa, CA; David J. Berger, Wilson Sonsini Goodrich & Rosati P.C., Palo Alto, CA for defendants.

    Case Number: 2024-1029-PAF

    Court declined to apply supermajority voting requirement under article of company's certificate of incorporation where it lacked language specifying its applicability to all possible forms of reincorporation.

  • Floreani v. FloSports, Inc.

    Publication Date: 2024-11-12
    Practice Area: Corporate Governance
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Chancellor McCormick
    Attorneys: For plaintiff: John L. Reed, Peter H. Kyle, Daniel P. Klusman, DLA Piper LLP (US), Wilmington, DE for plaintiffs.
    for defendant: Scott James Leonhardt, The Rosner Law Group LLC, Wilmington, DE for defendant.

    Case Number: 2023-0684-LM

    Court dismissed books and records inspection requests for failures to comply with the form-and-manner requirements of §220.

  • Roberta Ann K.W. Wong Leung Revocable Trust v. Amazon.com, Inc.

    Publication Date: 2024-11-05
    Practice Area: Corporate Governance
    Industry: E-Commerce | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Samuel L. Closic, Seth T. Ford, Prickett, Jones & Elliott, P.A., Wilmington, DE; Brian J. Robbins, Stephen J. Oddo, Gregory E. Del Gaizo, Michael J. Nicoud, Eric M. Carrino, Robbins LLP, San Diego, CA; Daniel B. Rehns, Scott Jacobsen, Hach Rose Schirripa & Cheverie, New York, NY for plaintiff.
    for defendant: Garrett B. Moritz, Dylan T. Mockensturm, Benjamin M. Whitney, Ross Aronstam & Moritz LLP, Wilmington, DE; William Savitt, Anitha Reddy, Adam M. Gogolak, Alexis J. Abboud, Wachtell, Lipton, Rosen & Katz, New York, NY for defendant.

    Case Number: 2023-1251-BWD

    Court denied stockholder's books and records inspection request where it failed to specifically allege corporate wrongdoing and instead made vague and overbroad allegations of mismanagement.

  • Solak v. Mountain Crest Capital LLC

    Publication Date: 2024-11-05
    Practice Area: Corporate Governance
    Industry: Biotechnology | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Glasscock
    Attorneys: For plaintiff: Blake A. Bennett, Cooch and Taylor, P.A., Wilmington, DE; Jeffrey M. Norton, Benjamin D. Baker, Newman Ferrara LLP, New York, NY for plaintiff.
    for defendant: Andrew H. Sauder, Daniel S. Atlas, Dailey LLP, Wilmington, DE; Ryan J. Levan, Dailey LLP, Philadelphia, PA for defendants.

    Case Number: 2023-0469-SG

    Court applied entire fairness standard to fiduciary claims where defendants could control board through their personal/financial ties to directors and found complaint plausibly alleged that merger proxy omitted material information about share value.

  • Kuramo Capital Mgmt., LLC v. Nile Capital Mgmt., LLC

    Publication Date: 2024-10-29
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Chancellor Molina
    Attorneys: For plaintiff: Bruce E. Jameson, J. Clayton Athey, John G. Day, Christine N. Chappelear, Prickett, Jones & Elliott, P.A., Wilmington, DE; Mary S. Thomas, Thomas Law LLC, Wilmington, DE for plaintiff.
    for defendant: Eric A. Veres, S. Michael Blochberger, Abrams & Bayliss LLP, Wilmington, DE for defendant.

    Case Number: 2024-0637-SEM

    Court denied production of records relating to litigation funding arrangements and retainer agreements where plaintiffs had potentially waived such a claim and had failed to show at trial that relevant records or information would be responsive to the request the court ultimately granted.

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  • Chai v. Maginn

    Publication Date: 2024-10-15
    Practice Area: Corporate Governance
    Industry: Education | Investments and Investment Advisory | Software
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Neil R. Lapinski, Phillip A. Giordano, Madeline R. Silverman, Gordon, Fournaris & Mammarella, P.A., Wilmington, DE for plaintiff.
    for defendant: Thomas A. Uebler, Kathleen A. Murphy, Adam J. Waskie, Sarah P. Kaboly, Terisa A. Shoremount, McCollom D’Emilio Smith Uebler LLC, Wilmington, DE; Thad J. Bracegirdle, Sarah T. Andrade, Bayard, P.A., Wilmington, DE for defendants.

    Case Number: 2024-0393-LWW

    Stockholder/director's claims for breach of stockholders' agreement were barred by res judicata, laches, and acquiescence where director served alongside other directors without objection and could have asserted her present claims in a prior action against the other directors.

  • In re: TransUnion Derivative Stockholder Litig.

    Publication Date: 2024-10-15
    Practice Area: Corporate Governance
    Industry: Financial Services and Banking | Federal Government
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Samuel L. Closic, John G. Day, Seth T. Ford, Prickett, Jones & Elliott, P.A., Wilmington, DE; Laurence Paskowitz, The Paskowitz Law Firm P.C., Rego Park, NY; Emily Komlossy, Komlossy Law, P.A., Hollywood, FL; Frederic S. Fox, Kaplan Fox & Kilsheimer LLP, New York, NY; Matthew M. Houston, Glancy Prongay & Murray LLP, New York, NY; D. Seamus Kaskela, Adrienne Bell, Kaskela Law LLC, Newtown Square, PA; Alfred G. Yates, Law Office of Alfred G. Yates, Jr., P.C., Pittsburgh, PA for plaintiffs.
    for defendant: Kevin M. Gallagher, Spencer V. Crawford, Richards, Layton & Finger, P.A., Wilmington, DE; Sandra C. Goldstein, Victoria J. Ryan, Mike Rusie, Kirkland & Ellis LLP, New York, NY for defendants.

    Case Number: 2022-1103-LWW

    Court dismissed derivative complaint for lack of demand futility where board's minor disagreements with regulators over the terms of a consent order did not rise to a willful disregard of the law or failure of oversight to constitute a breach of the duty of loyalty.

  • In re Match Group, Inc. Derivative Litig.

    Publication Date: 2024-10-15
    Practice Area: Corporate Governance
    Industry: Investments and Investment Advisory | Technology Media and Telecom
    Court: Court of Chancery
    Judge: Vice Chancellor Zurn
    Attorneys: For plaintiff: Michael Hanrahan, Prickett, Jones & Elliott, P.A., Wilmington, DE; Blake Rohrbacher, Richards, Layton & Finger, P.A., Wilmington, DE for plaintiffs.
    for defendant: David E. Ross, Ross Aronstam & Moritz LLP, Wilmington, DE; William M. Lafferty, Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE for defendants.

    Case Number: 2020-0505-MTZ

    Stockholders could not bring fiduciary claims against purported controller of company's parent corporation without presenting evidence of controller's hard control over the parent's voting power or an exercise of actual control over the company.

  • Paragon Tech., Inc. v. Ocean Power Tech., Inc.

    Publication Date: 2024-10-01
    Practice Area: Corporate Governance
    Industry: Defense | Electronics | Energy
    Court: Court of Chancery
    Judge: Vice Chancellor Will
    Attorneys: For plaintiff: Evan O. Williford, The Williford Firm LLC, Wilmington, DE for plaintiff.
    for defendant: Tyler J. Leavengood, Christopher N. Kelly, Callen R. Jackson, Christopher D. Renaud, Ryan M. Ellingson, Potter Anderson & Corroon LLP, Wilmington, DE for defendants.

    Case Number: 2024-0386-LWW

    Early stage of litigation and lack of improper motive weighed in favor of granting petitioner's motion to dismiss the action without prejudice.

  • Bandera Master Fund LP v. Boardwalk Pipeline Partners, LP

    Publication Date: 2024-09-24
    Practice Area: Corporate Governance
    Industry: Energy | Investments and Investment Advisory
    Court: Court of Chancery
    Judge: Vice Chancellor Laster
    Attorneys: For plaintiff: A. Thompson Bayliss, J. Peter Shindel, Jr., Daniel G. Paterno, Eric A. Veres, Samuel D. Cordle, Abrams & Bayliss LLP, Wilmington, DE for plaintiffs.
    for defendant: Srinivas M. Raju, Blake Rohrbacher, Matthew D. Perri, John M. O’Toole, Richards, Layton & Finger, P.A., Wilmington, DE; Rolin P. Bissell, James M. Yoch, Jr., Young Conaway Stargatt & Taylor LLP, Wilmington, DE; Daniel A. Mason, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wilmington, DE; Stephen P. Lamb, Andrew G. Gordon, Harris Fischman, Robert N. Kravitz, Carter E. Greenbaum, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY; William Savitt, Sarah K. Eddy, Adam M. Gogolak, Wachtell, Lipton, Rosen & Katz, New York, NY for defendants.

    Case Number: 2018-0372-JTL

    Former limited partners' alternative theories of recovery against general partner in breach of partnership agreement action failed where Delaware Supreme Court had found general partner's reliance on outside counsel's opinion was entitled to conclusive presumption of good faith.